What is Errors and Omissions Insurance?
Errors and Omissions (E&O) insurance protects a company, or an individual, in the event that a client holds the company or individual responsible for a service provided, or failed to provide, in which the client did not obtain the anticipated results. In plain terms, it provides protection for a company or individual in the event that an error or omission on the company or individuals part has caused a financial loss for the client.
By not purchasing E&O insurance, a company or individual may be taking a very serious financial risk as these types of losses are not covered under General Liability insurance. The cost may vary depending upon the business and location, as well as, claims experience. As with any insurance policy, the best time to buy an E&O policy is before a risk actually occurs. In addition, each policy must be looked over carefully to ensure that the coverage being offered fits the exposure of a particular company or individual.
Most E&O policies are written on a “claims made” or “claims made and reported” form. This means that all claims covered under the policy must be made or, in some cases, made and reported, within the policy period. These policies have a retroactive date that is very important and claims that arrive prior to the retroactive date will not be covered.
At Insurance Concepts & Risk Management, searching for the perfect solution is as easy as a couple clicks of the mouse. Insurance Concepts & Risk Management will help you find the plan you need at the rate you can afford. Your options will be clearly and diligently explained, and Insurance Concepts & Risk Management will work tirelessly until a policy that makes sense for you is found. Call today and let Insurance Concepts & Risk Management make life easy on you.