Errors and omissions (E&O) insurance
Errors and omissions (E&O) insurance is a form of professional liability insurance through which insured parties can meet their legal obligation to repair an injury caused to others. It also covers the frequently high cost of mounting a legal defence.
E&O is the solution of choice to cover risks related to the practices of a profession or trade association. Depending on the specific nature of the risk exposure, the coverage can be adapted to your needs.
The importance of being insured against errors or omissions
Today’s world is very different to what it was even a few years ago. People are quick to assign blame and prosecute. One reason for this is the heightened public awareness of legal rights, including contractual terms. And, rightly or wrongly, many people now believe that the best course of action is legal action — especially when things turn out differently than expected.
Larger and more frequent damage awards have served to create an environment in which professionals are compelled to protect themselves, their business and their reputations from allegations of negligence.
E&O insurance is the recommended protection against such allegations or threats, whether these are founded or not.
What is E&O insurance?
Do you work in a highly specialized field or practice an uncommon profession? Our seasoned team of experts can answer all your questions! E&O insurance offers first-rate protection for professional and client alike. This highly specialized coverage takes into account the potential risks associated with a profession, situation or activity. It defends the insured individual or company against any frivolous allegations of negligence or wrongdoing, thereby protecting their assets. In the case of a client who has suffered damages, it also ensures adequate funds for compensation.
In any area of professional practice, achieving expert status and a solid reputation takes years of dedicated work. E&O insurance is an integral part of protecting that reputation, enabling professionals to continue to provide skilled services, expertise and specialized advice.
Why is it important?
- People are quick to assign blame and prosecute
- Legal fees can be prohibitive
- Damage awards can also be very high
- E&O insurance protects your reputation (or that of your company) in the event of professional negligence, covering you from any such allegations or threats, whether or not these have merit
- E&O insurance is increasingly prerequisite to signing a contract
- Holding professional insurance attests to your professionalism and the importance you place on protecting both your interests and those of your clients
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Enjoy peace of mind in your professional practice. We can offer professionals and companies coverage of up to millions of dollars.