Errors & Omissions Insurance

Even the most experienced and diligent professionals may eventually make mistakes or misjudge situations. These incidents can have far-reaching financial ramifications for clients and customers, who could sue your organization for losses and damages. Given the monetary consequences of such accusations, appropriate loss control measures, such as errors and omissions (E&O) insurance are essential.

What Is Errors and Omissions Insurance?

Also known as professional liability insurance, E&O insurance can provide financial security for businesses and professionals that provide services and advice to other parties. By acquiring and maintaining adequate E&O insurance coverage, you and your company can retain access to critical funds and resources that may help limit out-of-pocket losses following alleged errors.

What Does E&O Insurance Cover?

The details of an E&O policy and coverage can often be customized to suit your unique circumstances. In many cases, E&O insurance coverage may provide financial aid in response to accusations of the following:

Is E&O Insurance Legally Required?

Although E&O insurance is not usually required by law, your company may be bound to other requirements, such as those imposed by regulatory bodies and industry standards. A qualified insurance professional, such as the team at Iten Insurance Agency, can help your organization identify and comply with any such obligations.

Who Needs Errors and Omissions Insurance?

Any business that provides others with professional services or guidance should consider E&O insurance a crucial investment. Coverage can often be tailored to suit specific companies or industries, such as E&O insurance for real estate agents. 

Why Do You Need Errors & Omissions Insurance?

E&O coverage may be critical to your organization’s loss control measures. After all, even a tiny mistake can lead to devastating financial consequences. Lacking adequate insurance could mean you will have to pay for losses out of pocket, which could derail your business’s financial stability and even jeopardize its future.