In the current scenario, professionals are working in an increasingly litigious atmosphere which leaves them liable for various allegations made by dissatisfied clients who may feel that they might have been harmed by the actions of a professional. If you have the Errors & Omissions (E&O) insurance policy, you can protect yourself from such lawsuits […]
Errors & Omissions
What Does Errors & Omissions Insurance Cover?
Errors & Omissions (E&O) insurance safeguards companies and their employees against claims made by their clients for inadequate or negligent actions taken by them. It means, the policy offers you protection in the event any of your client or shareholder files a case against you. It is also called professional liability insurance policy. Most E&O […]
Who Should Buy Errors & Omissions Insurance?
The Errors & Omissions Insurance (E&O) policy shields you and your company against lawsuits that may be filed by those customers, stakeholders, etc.; who have incurred losses due to your services or products. Also called professional liability insurance, the E&O insurance policy covers judgment, settlement, and various defense costs. Even if the allegations are false, […]
What is the Claim Process Under Professional Indemnity Insurance?
For businesses or professionals that offer specialist service or advice, professional indemnity insurance is a boon. Also called, errors & omissions insurance, the policy covers claims which are made against such professionals by people who allege that they have incurred losses due to their professional acts. Along with compensating the unhappy client, the errors & […]
What is Errors & Omissions Insurance?
The Errors & Omissions Insurance (E&O) is the useful insurance policy that shields you and your employees in case one of your clients accuses you of making mistakes that cost them financial loss. Here the accusation can include claims that your work was inefficient or unprofessional. If a displeased customer blames you for the financial […]
Errors and Omissions Insurance Vs. General Liability Insurance
Business insurance plays a crucial role in safeguarding your business against financial woes that may come in your way. But how do you know which policy is apt to address the risks you face? For instance, you know that both errors & omissions (E&O) insurance and general liability insurance protect your business against lawsuits. But […]
Which Professional Services Should Consider Buying Professional Indemnity Insurance?
Professional Indemnity Insurance also known as PI insurance, Errors, and Omission or Professional Liability Insurance is the cover that protects professional advice and service-providing individuals from bearing the full cost of defending against a lawsuit raised by a client and damages awarded during a lawsuit. It means, if the third party suffers any loss or […]
What is libel and slander clause in professional indemnity insurance?
It is a useful clause in a professional indemnity insurance, which offers coverage against defamation cases filed against the policyholder. Libel and Slander include those defamatory statements or materials which can have the negative impact on the reputation of a person in the eyes of the other. Here the statement may be made either in […]
What Kind of Liability Insurance Does a Consultant Need?
Need for Liability Insurance coverage for Consultants Various companies hire consultants and avail their services for the growth of their business. Further, many professionals open their consultancy firms and often work either out of home or from an office suite. As a consultant you or your employees would be offering a service or imparting advice […]
What is Run Off Cover in Professional Indemnity Insurance?
In a professional indemnity insurance, a run off cover is there to safeguard you against those losses or damages which may arise after your professional or business has ceased to trade. If you have been involved in providing professional services, ongoing professional indemnity insurance is essential. Moreover, you could also remain liable for claims which […]