Errors and Omissions (E&O) insurance policies are devised to protect companies against claims from clients, customers, and others to whom professional services have been provided. Issues such as conflicts of interest and negligence cause financial loss, project delays, and damage to reputations. Each company has different concerns, however, so it is important to select an E&O insurance policy that is best for your business type.
Considerations When Choosing an E&O Policy
A general professional liability policy doesn’t typically cover many of the day-to-day problems that can occur. It is imperative that your E&O package adequately addresses the size of the company, the type of industry and the business practices specific to your workplace. Each state has different laws concerning insurance coverage as well.
Examples of Custom E&O Insurance
E&O policies are custom-designed for many types of industries, including:
- Legal Firms
- Technology Companies
- Banks and Other Financial Institutions
- Medical and Healthcare Industries
- Engineers and Architects
Custom E&O for these professions provides protection against the types of claims specific to the industry.
As a business owner, you deal with many problems in your everyday operations. Having the peace of mind to know you are covered against liability will allow you to stay focused on keeping your business running smoothly.