Errors & Omissions insurance can be called a couple of different things. If you are in a doctor setting, Malpractice Insurance may sound more familiar, if you are a lawyer, an accountant, etc. then Professional Liability is the term you may be looking for. Any term you use for E&O, all covers the same type of idea, but it is not a one size fits all policy. All your individual exposures must be covered. As a company or individual, it covers you or the business in case the client did not have promised or expected results. Basically, it covers you in case the client has a financial loss because you or the company failed to deliver results or mislead them to believe they would have had certain desired results.

Who Needs It?

Any person or entity providing some type of service should have Errors & Omissions Insurance. It is not required by the state of California to carry Errors & Omissions Insurance, but if you don’t have it, it could be a huge financial risk. A lot of the time you will be required to have E&O if you are contracted with a company and they won’t work with you unless you have it. Your clients will also like that you carry it because it gives them ease knowing that if there is a mistake, it’s going to be taken care of. Humans make mistakes, it is just apart of life, but you want to be covered when it does happen. Some professions that we recommend to have E & O Insurance:

• Consultants
• Doctors
• Dentists
• Chiropractors
• Plumbers
• Engineers
• Wedding Planners
• Advertising Agencies
• Lawyers

What Does Error & Omissions Insurance Cover?

Errors & Omissions Insurance is a type of policy that has to be tailored to fit your business, your needs, and all your exposures. The policy covers the business owner, the business, all employees, and any subcontractors. Every single E&O policy is different but for a rule of thumb, most policies do cover:

• Defense costs
• Settlements
• Court Costs
• Legal Fees

Unity One Insurance has been writing Errors & Omissions, Professional Liability & Malpractice Insurance for over 30 years. Speak to a licensed expert about getting properly insured with E&O. Call now (949)450-1822 to get a free quote. If you prefer email, reach us at info@unity1.com