Errors & Omissions Insurance
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Errors & Omissions Insurance Information
Reputable businesses are responsible for providing clients and customers with dependable and adequate services. Still, despite a business’s best efforts, certain accidents and errors may be inevitable. With that in mind, organizations must maintain a suitable errors and omissions (E&O) insurance policy.
What Is E&O Insurance?
As its name suggests, E&O insurance provides financial protection from losses and damages related to mistakes. Also known as professional liability insurance, this coverage should be considered a top priority for any organization that provides services, advice or guidance. Even if a company is falsely accused of being at fault for an incident, reputational ramifications and the need to defend itself may incur significant costs.
What Does E&O Insurance Cover?
Like many types of insurance, the details of an E&O policy may be customized to suit a business’s circumstances. In most cases, this type of insurance can respond to the following incidents or allegations:
- Negligence
- Errors
- Misrepresentation
- Omissions
- Oversights
- Inaccurate professional advice
- Missed deadlines
- Breach of contract
In response to a lawsuit, E&O coverage can help pay for various legal expenses, including representation, settlements and judgments.
Who Needs E&O Insurance?
If a business provides advice, guidance or other professional services for clients, it should consider E&O coverage integral to loss control measures. Without adequate insurance, a business may need to manage the costs of being sued out of pocket. Even if accusations are unfounded, the financial consequences of a single lawsuit could have catastrophic consequences for an organization’s financial wellness and future growth.
We’re Here to Help
For nearly 40 years, the dedicated professionals at Kendall & Associates Insurance Agency have made it their mission to help businesses in Columbia, Greenville and throughout South Carolina protect themselves with optimal coverage. We will draw on our agency’s core values—including integrity, innovation, insightfulness, initiative and inspiration—to assess and address your insurance needs. Contact us today to get started.
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