Errors and Omissions Insurance – Also know as E&O Insurance
Errors and Omissions Insurance, also known as E&O for short, covers any errors made on your part during the course of providing professional services. It is a type of professional liability insurance necessary for many industries and professionals. Whether arising from negligence, faulty materials, or disagreements over a resulting service, Errors and Omissions insurance policies are for professional such as doctors and lawyers who have a higher-than-normal risk. Standard E&O policies can be for anyone from architects and accountants to doctors and lawyers, but miscellaneous policies exist for a variety of professionals, including advertising agencies, claims adjusters, court reporters, private investigators, appraisers, photographers and teachers.
Certain professions need their own separate coverage, such as Insurance Agents E&O, which provides protection exclusively to insurance agents or agencies against legal action resulting from negligence in recommending insurance. Management Liability, also known as Director’s and Officer’s Insurance (D&O), protects decisions made by an organization’s management such as the Board of Directors, Managers, or Officers by covering defense costs for investigations of criminal acts.
To help you sort out which kind your business needs and find out how much it will cost you, request a quote from The Kerr Agency today. As a brokerage firm, we offer our clients truly customized programs and packages that are affordable and effective thanks to our long and varied history of working with insurance carriers to optimize your coverage.
Errors and Omissions Insurance – Ensure Payment for Damages…
Having an E&O policy as part of your commercial insurance package will ensure payment (defense costs or punitive awards) for damages resulting from an error or negligence on your part. While all companies should have E&O insurance, small businesses in particular can benefit from this coverage as they are usually just starting out with little to no extra money to pay for a legal defense or settlement. Can you spare upwards of $10,000 to settle with a client, defend yourself against a claim or hire a lawyer to handle your case? With an E&O policy, you can protect yourself in the event the unfortunate happens and not lose your business. Even if you are found not to be at fault in the end, you still face thousands of dollars in legal costs you must pay as part of your defense. The damage to your reputation alone could bear devastating results for your company. The bottom line is, if you’re in a service industry with exposure to clients, E&O insurance should make up a critical portion of your insurance portfolio.
Throughout Monmouth County and beyond, The Kerr Agency provides you with professional liability insurance of all types. Our agents are skilled in each type of coverage and policy you should have given your line of business. We work with all sorts of professionals, from lawyers and doctors to ad agencies and real estate agents. No matter what industry you’re in, we can connect you with an Errors & Omissions insurance policy to meet your needs.