Errors and Omissions insurance is a type of specialized liability insurance that protects you if a client sues you claiming you made a mistake in your professional services. It can cover court costs and settlement costs arising from negligence claims or substandard work filed against your business. Consult with a Long Island Errors & Omissions Insurance Company for questions and a quote.

Anyone who provides a service for a fee should have this form of insurance. Legal fees and settlements can be pretty expensive if you are paying out of your pocket.

When Are Errors and Omissions Insurance Applicable?

Errors and Omissions insurance will only cover claims if:

• It gets filed within your policy period or filed within the extended reporting period
• The incident took place on or after your retroactive date.
• What Errors And Omissions Insurance Cover

Errors and Omissions Insurance covers several things such as:

• Misrepresentation
• Negligence
• Omissions
• Incorrect advice
• Errors in services rendered
• Violation of fair dealing and good faith

If a client sues your business for making a mistake while rendering professional services, E&O insurance policies can covers the following:

• Legal fees which can cost anywhere between $3,000 to $150,000
• Settlements and judgments can cost between a few thousand to a few million dollars
• Administrative fees: this is the money spent organizing your defense
• Court costs: payment of expert witnesses and reserving courtrooms

Who should Get Errors And Omissions Insurance?

Any business or individual providing services to customers for a fee, such as doctors, lawyers, accountants, engineers, barbers, salons, groomers, and veterinarians. When you speak to a Nassau or Suffolk County Errors & Omissions Insurance Company they can provide more information.