Errors Omissions Liability Insurance and E&O Insurance Quotes Online

Why it’s a Good Idea to Have Errors and Omissions Liability Insurance

Errors and Omissions Liability Insurance is a professional liability insurance that is designed to cover costs associated with a lawsuit that claims negligence on the part of the professional.  It can cover both the business and the individual. This is specific insurance that is not covered in a standard business liability policy or in your property damage policy. Errors and Omissions insurance is performance liability insurance.  

Any professional can become the target of a negligence legal action at any time.  The costs for attorney fees can mount to tens of thousands of dollars in a matter of months only to end in the action being dismissed with prejudice.  In that event, you are more likely than not going to be responsible for your own attorney fees and court costs. These will be straight out of your pocket unless you have insurance.  E & O Insurance coverage helps to cover all or part of those costs depending on your policy. 

A professional who employs even one other person to perform an action on behalf of the company is liable for the actions, or lack of action of that employee.  Suppose that you are a real estate agency and one of your agents fails to disclose some part of a property’s boundary line issues which results in a financial loss to the buyer several months from the time of purchase.  Whether the claim is valid or frivolous, both the agent and the agency can be sued for this omission.  The more employees you have, the greater the chance than a mistake or omission will occur.  Each time this happens, you are open to potential lawsuits.  

Some industries, such as the financial industry, require that you carry a certain amount of Errors and Omissions Liability Insurance. Doctors, hospitals, attorneys, engineers and dentists are also mandated in California to carry E & O insurance.   

Finding the best Errors and Omissions Liability insurance quote begins with locating the most experienced and qualified E & O insurance specialist.  The Summer Group has such specialists available for you.  All phone calls are returned within one hour and our specialists will explain in detail what coverage is available and what that coverage actually means in your everyday business world.  Furthermore, if you are subject of a legal action, our agents can go over the parts of the litigation, which are covered.