What Is Errors and Omissions Insurance?

Is e & o insurance a term new to you? Then you have landed at the right place. Read on to know more about the e & o insurance and other matters related to it.

What Is Errors and Omissions Insurance?

Errors and omissions insurance is also known as E&O insurance and professional liability insurance. This insurance is meant to protect you from lawsuits claiming you made a mistake in your professional services. This insurance also helps you cover your court costs or settlements, which can be very expensive for your business to pay on its own.

What Does E&O Insurance Cover?

Errors and omissions insurance can protect your business from claims of :
  • Negligence
  • Errors in services given
  • Omissions
  • Misrepresentation
  • Violation of good faith and fair dealing
  • Inaccurate advice
If someone sues your business claiming that you made a mistake in the professional services you’ve provided, this insurance can help cover your:
  • Attorney fees
  • Court costs such as reserving a courtroom or paying for expert witnesses.
  • Administrative costs to collect your defense together, such as paying office managers or court reporters.
  • Settlements and judgments, which can cost a couple thousand to millions of dollars.
Errors and omissions insurance only effectively cover claims if :

  • It’s filed within your policy period or the extended reporting period

The incident occurred on or after your retroactive date



Why Do You Need Errors & Omissions Insurance?

Without the suggestion of the e and o insurance agent in Canada the cost of liability claims can be so costly that your business could be at a risk of closing. Even if your customer drops their claim, you may have to bear legal expenses of thousands of dollars. And if you’re found at fault or agree to settle the claim out of court,in that case also you may have to pay a large amount out of pocket.
Location: 100 King St W #5600, Toronto, ON M5X 1C9, Canada

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