If you offer consultation or professional services, ask about professional liability insurance.
Professional liability insurance, also known as Errors and Omissions (E&O Insurance), is protection for your business from claims of negligence related to the professional services you provide.
E&O insurance can also offer coverage for claims arising from services provided in the past and work performed anywhere in the world. It's important to understand that a general liability policy won’t protect against these risks. Professional liability insurance offers a variety of coverage for small businesses including:
Protects a business against actual or alleged errors and omissions when providing professional services, such as giving incorrect advice, an omission, or failing to deliver a service.
Provides legal defense when a covered claim is reported.
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Small businesses that provide professional services or give advice to clients should consider purchasing E&O insurance. It provides protection when a business owner is sued for negligence because their work doesn't meet a client's expectations.
Errors and Omissions insurance can also be required by a small business' clients when entering into a contract.
Businesses that often choose Errors & Omissions insurance include:
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The national average cost for Errors & Omissions insurance is considered reasonable. While this information is helpful, it’s not customized to your unique situation. The premium for professional liability will depend on your business, business revenues or total transactions.
Learn which attributes of your business impact the cost of E&O insurance, and discover ways to reduce your premium.
Yes, there’s no difference between errors and omissions insurance (E&O insurance) and professional liability; the two terms are often used interchangeably.
General liability coverage only protects against “third-party” damages for which you’re responsible (i.e. bodily injury to others or damage to their property ). Errors and Omissions insurance protects you from claims of neglect or professional errors.
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