Errors and omissions insurance provides protection should you be held liable for any errors and omissions your business provides.
This type of liability insurance, just by its name, may lead one to think it is only for professionals. Even further, those not only professionals have this kind of exposure and in need of this kind of insurance.
But in fact, many businesses that don’t fit in traditional professional classifications, e.g.: lawyers, accountants, architects and engineers, are still in need of coverage.
Whenever a business provides a specialized knowledge in the rendering of its services, and in doing so, is alleged to have done so negligently manner, its customers could suffer a financial loss.
Professional liability insurance respond to protect the organization by providing a defence and paying any indemnity if the policyholder is found liable. This coverage is an integral part of a comprehensive liability insurance portfolio.
*These coverage descriptions are for illustration purposes only. For full particulars, recourse must be made the actual policy wordings.
* Subject to policy wordings and exclusions