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As a business owner or self-employed individual who provides professional services, it’s important to safeguard your business against a range of potential claims that could threaten long-term financial stability. A proactive option for protecting your business is errors and omissions (E&O) insurance. Our insurance affiliate, Doeren Mayhew Insurance Group, explores what business owners need to know about E&O.
A company could be held liable for millions of dollars in damage and steep legal fees when facing claims of neglect or inaction. E&O insurance is a type of professional liability insurance that offers coverage to protect businesses against costly claims that its services — or failure to perform them — caused damage or financial losses.
Any specialized professional who offers services for a fee could benefit from securing E&O insurance. From the individuals in the financial industry to nonprofits, a number of professionals and business types should consider E&O to ensure long-term protection against claims of negligence.
This type of insurance will deliver peace of mind to any professional who has the potential to face claims that work mistakes, oversights and negligent acts were directly related to financial losses. E&O policies typically provide coverage for judgments, legal fees, court costs and settlements per the limits of the plan.
While E&O covers expenses related to claims of errors and omissions, it does provide coverage for damage-related claims nor intentional wrongdoing. Be sure to review the exclusions of an E&O policy to ensure the areas in which you or your business are exposed are covered.
Doeren Mayhew Insurance Group understands that while mistakes at work happen, they can be wildly expensive. For more insights on the benefits of errors and omissions insurance for businesses, read their latest article here.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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