Centennial State Insurance Group
E & O Insurance
E & O Insurance
No matter how good you are in your career or how professional you are, it comes down human nature. We all make mistakes, they can happen to the best of us, no matter how experience we may be
Yes, you can be sued even if you didn't do anything wrong.
The simplest clerical error can cost you, if it results in financial loss or damage to the reputation of one of your customers. What happens when your client holds you responsible for something that your employees, your vendor or even you missed? You enter the world of "refusals to pay" and you might even get sued. That's why it's important to understand the extent of your business liability insurance--it only protects your operation against bodily injury, property damage or advertising injury. With an errors and omissions (E&O) insurance policy, you'll enjoy specialized liability protection against losses not covered by traditional business insurance.
Who needs E&O insurance?
If you're in the business of providing services to clients for a fee--doctors, lawyers, accountants, architects, engineers, wedding planners, printers, building-trades contractors, mortgage and real estate services, designers, advertising agencies—if your service is possible to be done incorrectly or late, and it costs your client money or harms their reputation, you need to investigate E&O.
What does E&O cover?
Errors and omissions protects you from claims in the event a customer or client sues your service business for negligent acts, errors or omissions occurring during business activities, and which potentially result in a financial loss for the client. Errors and omissions insurance policies usually cover the business owner, both salaried and hourly employees, and subcontractors working on behalf of the business. Errors and omissions insurance can be customized to meet your specific needs, no matter what your business or industry. Real estate agents face different risks than printing companies, but both have potential to impact their customers lives and livelihoods if a mistake occurs. Benefits of a specialized E&O policy from CSIG may also include:
• Monthly payment options to help spread out your payments so you can better manage your cash flow
• Coverage of temporary staff, full-time employees, and independent contractors
• Past work covering unforeseen claims arising from work completed before you were even insured, to a pre-agreed date
• Worldwide coverage as long as the claim is filed in the U.S., one of its territories or Canada
• Claims responsiveness when time is of the essence, especially in the event of an insurance claim
• Tailored coverage for the specific risks of your field and industry
• Knowledgeable agents who provide exceptional, passionate service
• Coverage for contracts satisfying most standard contract insurance requirements
• Fast and simple online quotes, or helpful agents, immediate coverage