Errors and Omissions (E&O) Coverage or Professional Liability Coverage protects an organization or individual against the decisions they make during the course of business. This kind of liability insurance is generally required for professional advice-giving or service-providing businesses. E&O coverage often covers both court costs and settlements up to the amount specified by the insurance contract.
Who Needs Errors and Omissions Insurance and What Does it Cover?
Errors and Omissions Insurance is beneficial to any service-based business where a duty to perform exists, whether you are in the private sector, public sector, or are a not-for-profit organization.
Some industries that often opt for E&O insurance include:
- Financial services
- Medical services
- Dental services
- Technology providers
- Managed service providers
- Advertising and media
E&O Insurance is also applicable to businesses outside the financial industry, including non-profits, general maintenance companies, and contractors. The coverage would respond in situations where a policy holder has failed to provide advice or execute service alleged under contract. Some examples include:
- Errors in paperwork
- Libel and slander
- Breach of services
- Breach of fiduciary duties
- Wrongful practice
If you are unsure whether or not your company needs E&O Insurance, talk to your broker. There may be other options which will fit this protection category within other areas of your business insurance policies.
Errors and Omissions Insurance FAQs
Working for so many years with Canada’s top businesses, we have heard and seen it all. To help our clients better prepare for risks in the realm of errors and omissions, The Standard Insurance has put together a list of some of our most frequently asked questions:
At The Standard Insurance, we pride ourselves for our long-lasting commitment to act as an advocate for every single one of our clients. Our success is measured by their experience and satisfaction:
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