People often think of professional liability insurance (aka..E&O Insurance) as something only doctors and lawyers need. The truth is that anyone in any profession can be sued for making bad decisions. Standard business general liability insurance policies do not cover liability for professional mistakes. They will not cover errors that cost someone else money without…Read more
General Liability Insurance is Not Enough
At some point, most businesses are involved in some type of legal dispute, be it over an alleged physical or property damage to a third party or financial injury to a competitor, client or vendor. And you’d surely want an insurance backstop in case you are targeted, to help pay for legal costs and any…Read more
What Is E&O Insurance?
The world of insurance can be a complicated maze of initials and acronyms, which are often seemingly used to confuse the insurance buyer. Among the hodge-podge of acronyms, nicknames and “short-fors” are E & O and D & O which, when used together, have comfortably sunk into the industry lexicon as meaning anything and everything…Read more
Errors and Omissions Insurance
Professional liability insurance funds losses caused by errors or omissions in the rendering of services. What does this mean? Professionals are human and errors do occur. In medicine and science, the client benefits from the best course of action suggested by an experienced practitioner at the time the service is rendered. The best course of…Read more
General Liability vs. Professional Liability Insurance
A consultant recommends that a client purchase and implement software to automate certain manufacturing processes. An update to the software causes it to crash repeatedly, forcing the client to shut down its production lines for 10 days until a fix is available. The client sues the consultant for giving bad advice. A new commercial building…Read more
Directors & Officers Insurance
For the last several years, stories of wrongdoing and bad judgment by corporate managers have filled the headlines. Enron, Worldcom, and Countrywide are just some of the companies that became household names because of mistakes or criminal acts their leaders committed. These stories became big news because they were exceptional; the vast majority of companies…Read more
Professional Liability Insurance
Professional liability insurance, or errors and omissions (E&O) insurance, is a type of coverage that protects certain individuals and corporations that provide professional services to their clients. For insurance purposes, “professionals” are defined as those who have special knowledge or skills in a certain area and who use those skills or knowledge to provide advice…Read more
