Errors and omissions insurance (E&O) is a type of professional liability insurance that guards and protects companies and their workers or individuals against claims made by clients for inadequate work or negligent actions. Errors and omissions insurance often cover both court costs and any settlements up to the amount specified by the insurance contract.
So who exactly needs E&O insurance? You need E&O insurance if you’re in the business of providing a service to clients for a fee, including printers and building-trades contractors (electricians, plumbers, HVAC installers, and sheet metal workers to name a few). E&O insurance can help cover the business owner, both salaried and hourly employees, and subcontracts working on behalf of the business.
Like many insurance policies, E&O can be customized to the business or industry itself. Risks vary depending on the profession, so E&O insurance will vary depending on the job itself. Because it can vary from company to company, contacting your local Commercial Lines insurance agent is paramount in securing the best coverage for your business.
Contact a Ramey King Commercial Agent today to learn more about obtaining errors and omissions insurance today!