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Professional Liability (Errors & Omissions)

It’s a good news, bad news situation. The bad news: Lawsuits, once a measure of last resort, are now commonplace in settling disputes. The good news? You can protect yourself, your business, and your reputation by investing in professional liability coverage, also known as Errors and Omissions (E&O) insurance.

E&O insurance is supplementary liability insurance that enhances any business owner’s policy by safeguarding against catastrophic loss in the event of a lawsuit due to a negligent act, error, or omission by the professional. In addition to claims of error, omission, or negligence, E&O insurance can also protect against slander, libel, and breach of contract.

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E&O Policy Overview

E&O coverage kicks in where your Commercial General Liability policy does not provide coverage, such as for service errors, contract performance disputes, or any other professional liability issues. These policies also include defence costs, which can be quite substantial even if liability is not found. Policies typically do not provide coverage for non-financial losses or for intentional or dishonest acts.

E&O policies generally have both a claim limit and an annual limit, which is based on the insured’s exposure. The claim limit is the maximum amount that will be paid for any single event, and the annual limit is the maximum that will be paid in any one year. Typical limits range from $250,000/$500,000 to $2 million/$4 million and differ depending on the type of business.

To be eligible for this specialized insurance, candidates normally have to have proof of licensure in their “covered class of business.”

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Why Insure Your Professional Services?

E&O insurance is crucial because it covers the large legal defence costs incurred while trying to prove liability or innocence, as well as the final judgment if the business owner does not win the lawsuit. Without this coverage, service professionals risk financial ruin from claims of errors, omissions, or negligence related to their professional services.

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Who Needs E&O Coverage?

Professional Liability (E&O) insurance is essential for anyone who provides advice, makes educated recommendations, designs solutions, or represents the needs of others. This includes:

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Accountants

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Computer consultants

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Software developers

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Planners

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Architects

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Contractors

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Real estate agents

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Appraisers

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Medical professionals

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Notaries

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Home inspectors

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KRGinsure Brokers, Your Coverage Expert

There are many different forms of professional liability insurance and multiple factors to consider when purchasing E&O coverage for your business. Because there isn’t a standard policy, an experienced agent who understands your company and can knowledgeably design a policy to meet your needs is invaluable.

Contact KRGinsure today to learn how E&O insurance fits into your total risk management program.

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