Errors & Omissions Insurance
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Errors & Omissions Insurance Information
Clients and customers rely on your business to provide dependable services. However, even the most experienced and meticulous companies may eventually make a mistake. In such situations, parties affected by your error may file a lawsuit and seek compensation for losses for which you are found responsible. Fortunately, errors and omissions (E&O) insurance can provide crucial financial protection.
What Is E&O Insurance?
Also known as professional liability insurance, E&O insurance can financially protect your organization from the consequences of professional mistakes. These policies establish a contractual agreement between you and your insurance company that may provide you access to critical funds and resources to limit your out-of-pocket losses and expenses following covered incidents.
What Does E&O Insurance Cover?
As its name suggests, E&O insurance provides your company coverage for incidents and allegations related to subpar services. While the details of an E&O policy may vary, this type of insurance can generally be relied on to provide financial assistance in response to the following accusations:
- Inaccurate professional advice
- Missed deadlines
- Breach of contract
Even if a lawsuit’s accusations are untrue or unfounded, your business may face significant costs to defend itself. Fortunately, most E&O policies can provide financial assistance to help cover the following:
Who Needs E&O Insurance?
Any commercial enterprise that provides professional advice, guidance or services should consider E&O coverage an essential component of their business insurance portfolio. Without an adequate policy, a single accident or error could incur catastrophic out-of-pocket costs that may destabilize your company’s financial security and jeopardize its future.
We’re Here to Help
- Legal representation
- Court costs (e.g., paying an expert witness or reserving a courtroom)
- Administrative costs
Having served the Fort Lauderdale and Miami areas since 1964, the staff at Bruening Insurance Agency is well-equipped to help your business understand E&O coverage. Our dedicated insurance professionals will work with you to thoroughly analyze your risks and exposures and craft an optimal policy. Contact us today to get started.