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Two Types of E&O Coverage

Alleged or Actual Negligence | covers businesses in the case of providing incorrect advice, an oversight in communication, or failing to deliver on a promised service.

Defense Costs | covers legal expenditures when an accusation is made, and a claim is reported.

Professional Liability insurance, also known as Errors and Omissions (E&O) insurance, covers mistakes, negligence, or discrepancies in a business's accounting records that could potentially be interpreted as fraud and lead to legal action. Business owners and executives have several legal and financial responsibilities that come with their roles. If they fail to fulfill these responsibilities by inaccurately reporting income, errors, and omissions coverage under a professional liability policy will reimburse a business for problems arising from these fiduciary oversights. In short, the company's finances and reputation are protected.

Does my business need professional liability insurance?

Consultants, attorneys, engineers, and other professionals that may find themselves acting as a consultant or information resource should consider adding professional liability insurance to their business insurance policy. Having this coverage as part of your plan provides peace of mind that your company's future isn't in jeopardy over a minor mistake.

Lowry Insurance develops custom insurance solutions for businesses of all sizes. Connect with our team today to learn more about the services we offer, explore our catalog of trusted carriers, and start building your team's ideal insurance policy.