Errors & Omissions Insurance

Clients and customers rely on your business to provide dependable services. However, even the most experienced and meticulous companies may eventually make a mistake. In such situations, parties affected by your error may file a lawsuit and seek compensation for losses for which you are found responsible. Fortunately, errors and omissions (E&O) insurance can provide crucial financial protection. 

What Is E&O Insurance? 
Also known as professional liability insurance, E&O insurance can financially protect your organization from the consequences of professional mistakes. These policies establish a contractual agreement between you and your insurance company that may provide you access to critical funds and resources to limit your out-of-pocket losses and expenses following covered incidents. 

What Does E&O Insurance Cover? 
As its name suggests, E&O insurance provides your company coverage for incidents and allegations related to subpar services. While the details of an E&O policy may vary, this type of insurance can generally be relied on to provide financial assistance in response to the following accusations: 

• Negligence
• Errors
• Misrepresentation
• Omissions
• Oversights
• Inaccurate professional advice
• Missed deadlines
• Breach of contract 

Even if a lawsuit’s accusations are untrue or unfounded, your business may face significant costs to defend itself. Fortunately, most E&O policies can provide financial assistance to help cover the following: 

• Legal representation
• Court costs (e.g., paying an expert witness or reserving a courtroom)
• Settlements
• Judgments
• Administrative costs 

Who Needs E&O Insurance? 
Any commercial enterprise that provides professional advice, guidance or services should consider E&O coverage an essential component of their business insurance portfolio. Without an adequate policy, a single accident or error could incur catastrophic out-of-pocket costs that may destabilize your company’s financial security and jeopardize its future.  

We’re Here to Help 
Having served the Fort Lauderdale and Miami areas since 1964, the staff at Bruening Insurance Agency is well-equipped to help your business understand E&O coverage. Our dedicated insurance professionals will work with you to thoroughly analyze your risks and exposures and craft an optimal policy. Contact us today to get started.