Professional Liability (E&O)

An errors and omissions (E&O) policy, also known as professional liability insurance, is a type of insurance policy that protects professionals from liability for errors or omissions they may make in the course of their work. This type of policy is typically purchased by professionals who provide advice or services to clients, such as lawyers, accountants, realtors, and contractors.

HOW TO CHOOSE THE RIGHT POLICY

1. Assess your professional liability risks. Consider the nature of your work, the types of clients you serve, and the potential consequences of errors or omissions. This will help you determine the amount of coverage you need.

2. Research providers: Research different insurance providers and compare their E&O policies. Look for providers with a strong financial rating, good customer service, and a history of paying claims.

3. Check coverage limits: Look for a policy with coverage limits that meet your needs. The policy should provide enough coverage to protect you from significant financial loss in the event of a liability claim.

4. Check for additional coverage: Some E&O policies may offer additional coverage, such as cyber liability coverage or coverage for claims arising from employee dishonesty. Consider whether these additional coverages are important to your business.