Errors and Omissions and Professional Liability Business Insurance

What is Errors and Omissions Insurance?

Errors and omissions insurance covers your company or you individual in the event that you held responsible for a service failed to provide or a service that failed to met the expected or promised results.

Who needs Errors and Omissions Insurance?

If your company provides any type of service for a fee, then your company is at risk for a lawsuit for failing to fulfill promises.

Professional Liability Versus Errors & Omissions

What is the difference between professional liability and errors and omissions insurance? Who needs this coverage, and what protections does it provide?   If you’re a little fuzzy about the difference between professional liability (PL) and errors and omissions (E&O) insurance, you’re not alone.

Here is an industry definition (from IRMI) of professional liability:  Coverage designed to protect traditional professionals (e.g., physicians) and quasi-professionals (e.g., real estate brokers) against liability incurred as a result of errors and omissions in performing professional services for clients or customers.

Historically, insurance for professionals such as lawyers was called professional liability; policies for quasi-professionals were labeled E&O. However, insurance companies now tend to use the terms interchangeably.

Both PL and E&O policies cover economic losses suffered by third parties but not property damage — which is typically covered under your general liability policy. Most PL and E&O policies exclude coverage for bodily injury — with the key exception of professional liability/medical malpractice for doctors.

Who Needs Coverage?

In addition to lawyers, doctors and accountants, many businesses need PL insurance. You don’t have to consider yourself a “professional” to need coverage for negligent acts. If you give advice and recommendations, if you create programs or products for your customers or if you provide a service, you need liability protection.

Here are just a few of the professions we serve ...

  • Architects Professional Liability Insurance
  • Authors Professional Liability Insurance
  • Billing Professional Liability Insurance
  • Bookkeeping Professional Liability Insurance
  • Brokers Professional Liability Insurance
  • Business Executive Professional Liability Insurance
  • Cemeteries Professional Liability Insurance
  • Collection Agencies Professional Liability Insurance
  • Construction Professional Liability Insurance
  • Court Reporters Professional Liability Insurance
  • Data Processing Professional Liability Insurance
  • Data Processing Professional Liability Insurance
  • Design Professional Liability Insurance
  • Engineer Professional Liability Insurance
  • Environmental Consultant Professional Liability Insurance
  • Estate Planners Professional Liability Insurance
  • Employment Agencies Professional Liability Insurance
  • Films Professional Liability Insurance
  • Financial Advisers Professional Liability Insurance
  • Insurance Brokers Professional Liability Insurance
  • Internet Professional Liability Insurance
  • Lawyers Professional Liability Insurance
  • Law Officials Professional Liability Insurance
  • Teachers Professional Liability Insurance
  • Occupational Therapists Professional Liability Insurance
  • Paralegals Professional Liability Insurance
  • Psychiatrists Professional Liability Insurance
  • Radio Professional Liability Insurance
  • Real Estate Professional Liability Insurance
  • Social Workers Professional Liability Insurance
  • Startup Professional Liability Insurance
  • Tax Preparation Professional Liability Insurance
  • Television Professional Liability Insurance

Protect your business and save money on your premiums ... get a free quote for a Arizona or Texas errors and omissions insurance policy from Pacific Reserve Inc.  

Get a FREE Errors and Omissions – Professional Liability Business Insurance Quote today!

Get a FREE Errors and Omissions Professional Liability Business Insurance Quote.

Our Senior Business Insurance Licensed Brokers

Hours: Mon–Fri  8am-4pm

Cheryl Bell - Licensed Business Insurance Broker

Cheryl Bell

31 years experience!

Kristen Vassar - Licensed Business Insurance Broker

Kristen Vassar

24 years experience!

Ann Bruce - Licensed Business Insurance Broker

Ann Bruce

21 years experience!

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Serving all of Arizona!

  • Bullhead City
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  • and surrounding Texas towns and communities!

  

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