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Who needs Errors and Omissions (E&O) Insurance

Why Do Individuals and Companies Need E&O Insurance? Because We All Make Mistakes.
8/22/2013

Humans are not perfect. Even when we are equipped with the best training and intentions, mistakes happen. Companies and individuals of all professions need to protect themselves against potential claims for inadequate work or negligent actions: Errors and Omissions (E&O) Insurance.

Other Names for E&O Insurance

Different industries can use different names for E&O insurance. Doctors, dentists, and chiropractors may call it malpractice insurance. Lawyers, accountants, and engineers may call it professional liability. Regardless of the terms, E&O insurance covers against perceived mistakes, professional error, as well as futile lawsuits.

Who Needs E&O Insurance?

We live in an increasingly litigious society where E&O claims can be brought against all types of persons and businesses for a myriad of reasons. Sometimes claims are clear, as when a surgeon amputates the wrong leg. Other times claims occur for ordinary mistakes including:
• Shipping a valuable customer order to the wrong location
• A lawn care contractor recommending the wrong fertilizer
• Plumber who installs a drainage system that does not function properly 
 
The Wall Street Journal recommends law firms, accounting firms, architectural firms, engineering companies, and all of the other traditional professional services firms obtain E&O coverage. They also suggest that the following businesses, and more, should consider E&O options:
• Media companies, including television, radio, newspaper, film, etc.
• Technology providers, including hardware/software and telephone companies
• Financial institutions and insurance companies/agencies
• Permanent and temporary staffing companies
• Laboratories and research companies
• Public relations, advertising and related firms
• Internet-related businesses

What Is Your E&O Risk?

Protect yourself and your business. Meet with your independent insurance agent to analyze your needs and potential risks. If you do not have a local agent, find a trusted professional at InsuranceDeals4U.com.

The information on this site is general in nature. Any description of coverage is necessarily simplified. Whether a particular loss is covered depends on the specific facts and the provisions, exclusions and limits of the actual policy. Nothing on this site alters the terms or conditions of any policies, nor does it provide any guarantees. You should read your specific policy for a complete description of coverage.

 

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Comments (1)

Excellent Post!
This blog post is extremely informative and accurate. I am so glad you wrote this, it allows people more insight into how important and helpful error... Read more
9/4/2013 5:00 PM
Denise
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