Who Needs Errors and Omissions Insurance?

Business owners in Oakland Park, FL, can face a lawsuit anytime. Yet, if your business gives any advice to customers, you have an additional risk if those individuals to whom you provided consultations are unhappy with the results of your expertise. While general liability can protect you somewhat, eAdvisorPro Property & Casualty LLC can explain how errors and omissions insurance can provide an additional layer of protection.

Protections Provided by Errors and Omissions Insurance

E&O insurance is also called professional liability insurance. It helps pay legal costs if a customer sues you. Even frivolous lawsuits can become expensive. It can also pay for losses your company may incur from a claim. Errors and omissions cover the following:

  • Negligence
  • Misrepresentation
  • Errors or omissions in service provided
  • Faulty advice
  • Violation of good faith or fair dealing

Although Florida doesn’t require this coverage, experts strongly recommend considering a policy.

What Industries Benefit from E&O Insurance?

If you advise customers and regularly handle confidential information, you should consider an errors and omissions policy. Professionals who can benefit from a policy include:

  • Real estate professionals
  • Accountants, tax preparers, and financial advisors
  • Graphic artists and designers
  • IT professionals
  • Interior decorators
  • Advertising agents
  • Marketing professionals

Independent consultants and freelancers may also want to consider a policy as, most likely, the company they work for will not protect their mistakes.

How Much Errors and Omissions Coverage Do I Need?

The amount of your coverage depends on several factors, including the types of risks you face, any claims history, your business size, and your daily operations. Most E&O policies have economic premiums.

Let eAdvisorPro Property & Casualty LLC, serving Oakland Park, FL, and surrounding areas, help you determine how much E&O your company needs. Contact our office to get started on a policy.