Professional Liability or Errors & Omissions
What Does Errors & Omissions Cover?
Professional liability, also known as Errors & Omissions (E&O), is intended to provide coverage for specific services and professional guidance industries. This type of coverage helps provide protection should a customer claim they have suffered a loss due to an error or omissions from your service and/or professional guidance. E&O coverage can provide legal defense costs, should you be faced with a civil lawsuit and/or settlement cost.
When Businesses Need an E&O Policy
If one or more of the following could happen to your business you may need an E&O policy - A customer makes a claim that you’ve violated a contract, didn’t perform correct scope of work, gave neglectful advice or made a mistake that caused loss of income for your client.
Professional liability is an essential coverage for many businesses. Below are some top industries that typcially carry this coverage:
-
Salons / Barber Shops
-
Spas / Massage therapist
-
Financial Advisors
-
Veterinary / Pet Grooming
-
Medical Practices
-
Photographers
-
Therapist / Counselor
-
Real Estate Agents
-
IT / Technology Consultants
-
Occupational or Physical Therapist
-
Business Coaches