Errors and Omissions insurance, or E&O, protects against financial loss when a client seeks to hold a company or individual responsible for a service that did not meet the expected or desired result. It is specialized coverage you may offer to a wide variety of clients through the expertise of an E&O wholesaler.
As a retail agent you may have go-to policies for general liability, but most of these are likely to have exclusions for E&O. An E&O wholesaler understands the specific and varying needs of different professional practitioners, from doctors, dentists, and chiropractors, to engineers, real estate agents, and caterers. Any business that provides a service is subject to exposures. The key to the right coverage lies in how each policy is written.
This type of coverage, known in the medical field as malpractice and in other professional service fields as professional liability, covers judgment, settlements, and defense costs. Even if a claim against a client is decided to be without grounds, the financial losses associated with a lawsuit can be damaging to both the individual and the practice or company.
An E&O wholesaler is dedicated to finding the right fit for your clients’ professional liability needs. Mistakes can happen in any profession. Sometimes, too, a client may be falsely judged to have made a mistake. E&O coverage protects the assets and reputation of your clients when such events occur.