Errors & Omissions
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Errors & Omissions/Malpractice
An error or omission (failure to act) can occur on almost any transaction. Professionals who are at the top of their field or who have been in business for decades are still at risk for a claim that they failed to handle some matter appropriately or just didn't act when they should have. These claims may result in the threat of a lawsuit or an actual lawsuit. This is the point at which errors and omission policies take over. E&O insurance programs help provide protection for the busy professional from the liability associated with such errors, mistakes or omissions.
Any professional can (and should) purchase errors and omissions liability insurance; Doctors, Lawyers, Accountants, Architects, Engineers, Realtors, Financial Planners, Computer Consultants, Business Consultants, Party Planners, and more.
How Much Does Errors and Omissions Insurance Cost?
E&O insurance is not that expensive. Premiums for E&O insurance are based primarily on the revenues of the professional or the professional organization, the type of service provided, and the company's loss history. E&O insurance costs vary by state, by industry, and by insurance carrier. Jaffe Insurance Agency works hard is to locate the most competitive E&O insurance carrier for your industry and circumstances.
How do I get an insurance policy for errors and omissions?
You simply fill out an application for E&O insurance which asks for basic information about your business including the type of business and your revenues. The underwriter needs to get a handle on what the risks are. The application may request financial statements or information about the management such as professional biographies.
Other Professional Liability Insurance Programs you may be interested in, include, but are not limited to:
Director's and Officer's Liability
Employment Practices Liability