Errors and omissions insurance (E&O) is a specialized liability insurance that protects companies and individuals against claims made by clients for negligent acts, errors or omissions committed during business activities that result in a financial loss for the client. Errors and omissions insurance often covers court costs/legal fees and settlements up to the amount specified on the insurance contract.
E & O insurance is recommended if your business provides a service to clients for a fee. It is particularly important to licensed professionals who provide a professional service or regularly give advice, such as accountants, attorneys, insurance agents/brokers, architects, engineers and technology companies. For certain professions, this coverage may be called professional liability or malpractice insurance. Regardless of your business type, E & O insurance may be an important component of your overall insurance portfolio.
Lawsuits will happen regardless of the merits of the claim. In our litigious society many are quick to sue over the most minor allegations. Even if a court or arbitrator panel finds in favor of the defendant, the legal fees can be extremely expensive and can bankrupt an individual or small business. Contact our office to discuss how E&O coverage can protect you individually and your business.
We hope you have found this blog educational. At the Armstrong Timeshare Association we strive to keep you informed. To receive more information about our association or to request a topic of interest for us to blog, email: firstname.lastname@example.org
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Armstrong Timeshare Association (License #0I72697)