Errors and Omissions protects your profession even from an accusation.

Errors & Omissions

Errors & Omissions Insurance also known as Professional Liability in Florida is recommended for all professionals that make a living by giving their advice, opinions.

Do you call yourself a professional? Do clients pay you for your expertise and advice? Then they can sue you if you do something wrong and it cause your client some type of loss.. In fact, they can sue you even if you haven’t done anything wrong. And without errors and omissions insurance, that could cost you. Big time.

The clue’s in the name. Errors and omissions insurance (E&O) protects you from the costs of a claim you made:
an error (you did something wrong) or an omission (you left something out).
Even if the claim is groundless, your E&O policy can hire an attorney to defend you and pay your legal fees. And, if it turns out you were at fault, it can also take care of the damages.
What’s confusing is that errors and omissions insurance is also known as professional liability insurance. All you need to know is, they do the same thing.

For several reasons:
1. Because you sell your services as a professional. So, clients may well expect you to have E&O insurance – and a certificate to prove it.
2. Because lawsuits are expensive. Your typical E&O suit costs around $150,000. And that’s just the amount awarded to your client. To cover your legal fees, add 5, maybe even 6 figures to that amount.
3. Because even if your client has no grounds, you still have to defend
yourself. It’s not just the default judgment you’ll face if you don’t (which means you’ll end up paying whatever they say you owe them). A claim like that can seriously damage your reputation, and that’s priceless.
4. Your peace of mind. We all make mistakes. But if you’ve got an E&O policy, you know that if something goes wrong, or your professional
service is called into question, you can relax. And get on with running your business.

 Fighting a lawsuit doesn’t just cost you money and risk your reputation, it takes up your time. And that’s better spent on your business.

Claims made against you for errors and omissions, whether you’re at fault, or not

○ Claims made over work you’ve done in the past

○ Claims made worldwide – so long as they’re filed in the U.S., a U.S. Territory, or Canada.

○ Hiring you an attorney if you need one
○ Your legal defense fees
○ Damages, if you’re found liable

What is Professional Liability Insurance?

As a professional, it’s your responsibility to adhere to certain standards and best practices for your industry. If a client feels that you made a mistake or oversight with your services, they could claim that you didn’t meet those standards and sue your company for economic damages. Errors and omissions insurance protects you in the event that a client accuses your business of making a mistake (an error) or failing to do something (an omission) – even if that claim proves to be unfounded. 

Examples of some claims?

 Claims can include the following scenarios:

● Unfulfilled promises
● Negligence
● Errors: In this instance, you’re being held responsible for a mistake made
by you or your employee that caused your client a financial loss.

Professional Liability

Who Should Consider Professional Liability Insurance?

If you provide what could be classified as a professional service, if you typically give advice to clients, or if you’re obligated by a contractual agreement, you should consider carrying professional liability insurance.  

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