Errors & Omissions Insurance (E&O) is a vital product for professionals and businesses, providing coverage against claims arising from mistakes, negligence, or failure to deliver services as promised. E&O protects organisations and individuals from the financial and reputational damage caused by professional errors, ensuring they can operate with confidence.
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Errors & Omissions Insurance covers claims of negligence in the performance of professional services. This includes situations where a client alleges that the service provider failed to meet industry standards or deliver as expected, resulting in financial loss.
Brokers can highlight this coverage as essential for industries where mistakes can lead to costly legal disputes.
Errors & Omissions Insurance protects businesses and professionals against claims of failing to fulfil contractual obligations. This includes instances where clients claim they did not receive the agreed-upon services or results.
This feature provides brokers with a strong selling point for organisations reliant on service-based contracts.
Claims related to inaccurate or misleading statements made during the provision of professional services are covered under Errors & Omissions Insurance. This includes situations where a client feels they were misled about the outcomes or scope of a service.
Brokers can position this as critical for businesses in advisory or consultancy roles.
Whether it’s a calculation error, missed deadlines, or faulty reports, Errors & Omissions Insurance covers claims arising from mistakes in deliverables that result in financial harm to the client.
This coverage is particularly relevant for professionals in industries such as accounting, architecture, or IT services.
Defending against claims of professional errors or negligence can be expensive. Errors & Omissions Insurance covers the cost of legal representation, regardless of whether the claim is valid, ensuring professionals can focus on their business.
Brokers should emphasise this as a critical feature for reducing financial strain during litigation.
In today’s digital landscape, data breaches are a growing concern. Errors & Omissions Insurance policies often include coverage for claims related to the mishandling of client data or failure to secure sensitive information.
This makes E&O a valuable product for brokers targeting tech companies or businesses handling client data.
Errors & Omissions Insurance can include coverage for claims of unintentional intellectual property infringement, such as using copyrighted materials without permission during service delivery.
This feature is ideal for brokers working with clients in creative industries or marketing.
Errors & Omissions Insurance policies often cover claims of libel, slander, or other forms of defamation arising from professional activities. This ensures protection for businesses accused of damaging a client’s reputation.
Brokers can position this as an important feature for public relations firms, media agencies, or consultants.
Clients sometimes file claims simply because they are unhappy with the results of a service, even if no error occurred. Errors & Omissions Insurance provides coverage for defence costs in such cases, protecting professionals from unwarranted financial burdens.
This feature helps brokers offer peace of mind to service providers in subjective industries.
Errors & Omissions Insurance does not cover intentional misconduct, criminal acts, or claims arising from physical injury or property damage. Additionally, policies may exclude certain types of services or industries, depending on the provider.
Brokers should ensure clients understand these exclusions to set clear expectations and avoid potential misunderstandings.
Errors & Omissions Insurance covers claims of negligence in the performance of professional services. This includes situations where a client alleges that the service provider failed to meet industry standards or deliver as expected, resulting in financial loss.
Brokers can highlight this coverage as essential for industries where mistakes can lead to costly legal disputes.
Errors & Omissions Insurance protects businesses and professionals against claims of failing to fulfil contractual obligations. This includes instances where clients claim they did not receive the agreed-upon services or results.
This feature provides brokers with a strong selling point for organisations reliant on service-based contracts.
Claims related to inaccurate or misleading statements made during the provision of professional services are covered under Errors & Omissions Insurance. This includes situations where a client feels they were misled about the outcomes or scope of a service.
Brokers can position this as critical for businesses in advisory or consultancy roles.
Whether it’s a calculation error, missed deadlines, or faulty reports, Errors & Omissions Insurance covers claims arising from mistakes in deliverables that result in financial harm to the client.
This coverage is particularly relevant for professionals in industries such as accounting, architecture, or IT services.
Defending against claims of professional errors or negligence can be expensive. Errors & Omissions Insurance covers the cost of legal representation, regardless of whether the claim is valid, ensuring professionals can focus on their business.
Brokers should emphasise this as a critical feature for reducing financial strain during litigation.
In today’s digital landscape, data breaches are a growing concern. Errors & Omissions Insurance policies often include coverage for claims related to the mishandling of client data or failure to secure sensitive information.
This makes E&O a valuable product for brokers targeting tech companies or businesses handling client data.
Errors & Omissions Insurance can include coverage for claims of unintentional intellectual property infringement, such as using copyrighted materials without permission during service delivery.
This feature is ideal for brokers working with clients in creative industries or marketing.
Errors & Omissions Insurance policies often cover claims of libel, slander, or other forms of defamation arising from professional activities. This ensures protection for businesses accused of damaging a client’s reputation.
Brokers can position this as an important feature for public relations firms, media agencies, or consultants.
Clients sometimes file claims simply because they are unhappy with the results of a service, even if no error occurred. Errors & Omissions Insurance provides coverage for defence costs in such cases, protecting professionals from unwarranted financial burdens.
This feature helps brokers offer peace of mind to service providers in subjective industries.
Errors & Omissions Insurance does not cover intentional misconduct, criminal acts, or claims arising from physical injury or property damage. Additionally, policies may exclude certain types of services or industries, depending on the provider.
Brokers should ensure clients understand these exclusions to set clear expectations and avoid potential misunderstandings.
What is Errors & Omissions Insurance?
Errors & Omissions Insurance, also known as Professional Liability Insurance, provides coverage for professionals and businesses against claims of errors, omissions, or negligence in the delivery of their services. It is designed to protect against financial losses, reputational harm, and legal expenses.
Who Needs E&O Insurance?
E&O is essential for any business or professional providing services or advice. Key sectors include:
Protects against a wide range of claims, including professional negligence, misrepresentation, and breach of contract.
Helps maintain your client’s professional reputation by addressing disputes effectively.
Covers defence costs, settlements, and judgments.
Tailored to meet the unique needs of various industries and professions.
Enables professionals to focus on their work without fear of financial ruin from lawsuits.
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Is Errors & Omissions Insurance mandatory?
While not legally required in most cases, many contracts and clients require businesses to have Errors & Omissions Insurance before engaging their services.
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Does Errors & Omissions Insurance cover past mistakes?
Yes, most Errors & Omissions Insurance policies include retroactive coverage for errors or omissions made before the policy’s start date, as long as the claim is reported during the coverage period.
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What is the difference between Errors & Omissions Insurance and General Liability Insurance?
General Liability covers claims related to bodily injury or property damage, while Errors & Omissions Insurance focuses on professional errors, omissions, and negligence.
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Can Errors & Omissions Insurance cover subcontractors?
Policies often include coverage for subcontractors working under the insured, but it is essential to confirm this with the insurer.
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Does Errors & Omissions Insurance cover intentional acts?
No, Errors & Omissions Insurance does not cover claims arising from intentional wrongdoing, fraud, or criminal acts.
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How are claims handled under Errors & Omissions Insurance?
Once a claim is reported, the insurer will investigate, provide legal defence, and cover settlement or judgment costs if necessary.
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What industries require Errors & Omissions Insurance the most?
Errors & Omissions Insurance is particularly critical for industries where professional advice or deliverables directly impact client outcomes, such as consulting, finance, healthcare, and IT.
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Does Errors & Omissions Insurance cover lawsuits from employees?
No, claims from employees are typically covered under Employment Practices Liability Insurance (EPLI), not Errors & Omissions Insurance.
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Can Errors & Omissions Insurance be customised for specific industries?
Yes, Exance offers industry-specific Errors & Omissions Insurance policies to address the unique risks faced by different professions.
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What limits of liability are available?
Errors & Omissions Insurance policies can be tailored to meet specific financial needs, with limits ranging from £250,000 to several million pounds.
