Errors & Omissions

What is Errors & Omissions Insurance?

As an expert, you must adhere to certain standards and best practices for your industry. If a client believes you made a mistake or oversight, they could claim that you didn’t meet those standards and sue your company for financial damages. Errors and omissions insurance protects you in the event that a client accuses your business of making a mistake (an error) or failing to do something (an omission), even if that claim proves to be groundless.

What Does Errors & Omissions Insurance Cover?

Errors and omissions insurance from MVR Agency helps protect your business if you make a mistake (error) or fail to perform a service (omission). Professional liability insurance also covers the related defense costs, even from unfounded claims. Claims can include:

• Unfulfilled Promises
• Negligence
• Errors

Most errors and omissions insurance policies cover the following, up to the limits of the policy:

✓ Judgments: Covers the decision of a court or judge, up to your policy limits.

✓ Attorney fees: Covers your attorney fees for defending your business in court, up to your policy limits.

✓ Court costs: Covers your business defense case court costs, up to your policy limits.

✓ Settlements: Covers the cost of settling a plaintiff’s claims out of court, up to your policy limits.

Who Should Consider Errors & Omissions Insurance?

If you provide a professional service, if you give advice to clients, or if you’re obligated by a contractual agreement, you should consider carrying professional indemnity insurance.

Some of the factors that determine how much you pay for errors and omisssions insurance include your:

• Industry
• Location
• Coverage limits
• Number of employees

Because no one is perfect, and in an organization full of real people, mistakes can happen.

Contact MVR (914) 693-3500 today, for an NFIP quote, and start protecting your business

Get Business Insurance Quote Today!