What is errors and omission insurance?
Errors and omissions insurance, also known as professional liability insurance or E&O, protects your business if a customer claims you made a mistake, overlooked something, or failed to deliver as promised in your services. Essentially, if there’s a slip-up in your work that causes financial loss or harm to your customer, E&O insurance has your back. This coverage is particularly important for anyone offering services or advice, such as consultants, real estate agents, or accountants, because it helps keep your business protected from lawsuits.
What does errors and omissions insurance cover?
Errors and omissions insurance covers a range of situations where you may face allegations of negligence or mistakes in your work. It typically covers legal fees, court costs, and settlements or judgements if a customer sues you for financial losses or damages they believe resulted from your professional services. It helps protect your business and reputation when things don’t go as planned.
How much is errors and omissions insurance?
The cost of errors and omissions insurance can vary based on factors like the type of business you have, your industry, the coverage limits you choose, and your claims history. Generally, the premium for E&O insurance is determined by assessing the level of risk associated with your profession, and the likelihood of potential claims. Remember, investing in E&O insurance is a smart move to protect your business from potentially expensive legal claims.
EMC’s linebacker professional liability insurance policy
Government entities are typically responsible for the decisions and acts of their employees, board members, and volunteers when carrying out their duties for the organization. Occasionally, those decisions and acts create difficult situations that may lead to a lawsuit for damages, and a costly defense.
EMC’s linebacker policy steps in to cover liability and defense costs for these situations. It protects against mistakes, misleading statements, acts of negligence, or breaches of duty. Plus, it includes coverage for employment-related issues like harassment or wrongful termination. This coverage is available for public schools, political subdivisions, and related entities such as water, sewage and sanitation districts, fire departments, and parks and recreation boards.
