Errors and Omissions insurance helps cover the cost of lawsuits that arise against your company alleging negligence, common mistakes and errors, omissions, and misrepresentation.
Who is it for?
Here are a few questions you can ask yourself to see if you need Errors and Omissions insurance:
Do you provide a professional service to customers which requires expertise?
Do you offer your customers advice?
Are you a lawyer, accountant, money manager, consultant, or other professional service provider?
If you answered yes to any of these questions, you will benefit from Errors and Omissions insurance. Sometimes, customers can choose to file a lawsuit against your company if they believe you did properly deliver on your service, and an Errors and Omissions policy will help cover the costs associated with the lawsuit, including any settlements that arise.
What does it cover?
Errors and Omissions policies cover unintentional claims only, which could include violating good faith with your clients, giving bad advice that negatively affects the client’s business, misrepresenting what your service will achieve for the client, or infringing on another company’s copyrights.
What it doesn't cover
As mentioned previously, Errors and Omissions policies will only cover unintentional errors. It also does not cover data breaches that result in harm to your clients, or claims related to third party injuries, which are generally covered in a Cyber policy and a General Liability policy respectively.
The right insurance partner for your business.
When you partner with Britely, you’ll have access to a team that understands your business, and can personalize policies to fit your needs.