Errors and Omissions Insurance gives you the financial recovery you need if a mistake causes financial loss to your client. This coverage is supplementary of your commercial policy which provides safeguarding measures against litigation due to errors, omissions or negligence by a professional. The proper level of business insurance coverage will give you the peace of mind that, should a mistake happen, you will have the financial ability to get through any litigation. E&O coverage can also cover you against libel, slander and a breach of contract.
Who could benefit from having E&O coverage?
Well, any professional that is providing a product or service to consumers would benefit. For example, a chiropractor would want coverage against a client who is hurt due to a treatment which was done incorrectly. Additionally, an accountant would want coverage against any errors when calculating client tax returns.
MIG Insurance offers coverage for professional liability and errors and omissions insurance for all classes of business. For some types of businesses, we have built very buyer friendly “quote and buy online” solutions. Specialized forms of E&O coverage are designed to understand your industry in depth and know what coverages you would need. The following are some products we provide in a self-serve environment, letting you choose the coverage you need and purchase directly from our site. Since there isn’t a standard policy when it comes to E&O, we will work with you to define the coverage that will best protect your business. As always, we are here for you at any time to help along the way.
- Contractors Insurance
- Technology Insurance
- Consulting Services Insurance
- Event Planning Insurance
- Health and Safety Insurance
- Marketing and Advertising Insurance
- Restricted Insurance Agents Errors and Omissions Insurance
What is the cost for an E&O policy?
There are many factors that impact the cost of an E&O policy. The industry you operate in, level of revenue earned and your experience will all impact the cost of your E&O policy. Your MIG broker can take the time to ask the right questions and get you an accurate understanding of coverages and costs. Since there are areas where an E&O policy would not extend to, it is important to talk with your MIG broker as to whether you need additional coverage. Mistakes happen, let your E&O policy be there for you and your business. Contact us today!