Insurance article: Errors and Omissions Insurance Helps Take the Worry out of Your Business Liability

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Your company should be prepared and protected from possible mistakes made by the owners, employees or possibly hired contractors. Errors and Omissions Insurance is an important insurance product that consulting or service companies should add to their insurance coverage.

How Does Errors and Omissions Insurance Take the Worry out of Business Liability?


If you consult, provide services to others, or sell for others, a client can hold you accountable for errors in your work. With Errors and Omissions insurance, you are protected against claims and lawsuits for mistakes or omissions that may cause a financial loss for your client.

What is Errors and Omissions Insurance?

Errors and Omissions Insurance is an insurance product that protects a professional when a customer holds you responsible for a service provided that did not have the expected or promised results.

Why Does My Company Need Coverage?


By not buying Errors and Omissions insurance, you are taking a serious financial risk. Mistakes are made by even the best of employees or business owners. Things can be forgotten or misunderstood, and the client can litigate risking the future of your company.

Isn’t My Company Already Protected by My Commercial General Liability Policy?

No. These claims arising from your professional advice or services are typically not covered by general liability policies, and if there is coverage, it may have limitations.

What Type of Business Should Consider Errors and Omissions Insurance?

• Real Estate Agents and Home Inspectors


• Consultants


• Advertising Services


• Web, Internet Providers, Programmers, and Graphic Designers


• Appraisers


• Florists


• Building Contractors


• Financial Services


• Professional Services, including Attorneys, Dentists, Doctors and Chiropractors


• Educational Services

Is Errors and Omissions Insurance Expensive?

Premiums vary depending on your business, however not having the proper insurance coverage is more expensive. Premiums are based on revenues, deductibles, the type of business, the number of professionals providing the service, and the company’s loss history.

Elite InspectInsure, offers competitive, cost effective ways to protect your business from liability with Errors and Omissions Insurance. This tailored insurance can guard your company from unexpected losses.

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