e&o Insurance Quote
E & O insurance or Professional Liability insurance is the service corresponding to product liability insurance. It also includes coverage for malpractice, errors and omissions which amount to negligence. Hence the E & O insurance is ideally suited for physicians, attorneys, architects, accountants, insurance agents, real estate agents and brokers, third party administrators and other business professionals.
Who needs E&O insurance?
If you are in the business of serving customers for fees, errors and omissions insurance, such as printers and electricians, plumber, HVAC founders and sheet metal employees, you need flaws and depletion insurance.
errors and omissions insurance policies usually cover both business owners, salaried employees and subcontractors of hours working on behalf of a business.
E&O insurance is typically customized to meet specific needs of a business or industry. For example, a printer has different risks than an electrician does in a standard business day. Both have the need for liability insurance, yet each needs a completely different type of coverage.
What type of E and O insurance should I buy?
E&O insurance policies vary from company to company, and are written for different types of businesses to show inherent risks and general disclosures.
Some events resulting in a loss for a client may have occurred several years in the past, and the first time the mistake is apparent is when a court summons arrives in the mail. That’s when the retroactive date on the policy is very important. The farther back the retroactive date of the policy, the more coverage and protection it offers.
Even if claims are found to be unwarranted, legal fees and other related expenses can quickly eat up a company’s cash reserves in no time, causing a financial hardship. Most errors and omissions insurance policies cover judgments, attorney fees, court costs and settlements up to the limits of the policy.