What Is Covered by Errors and Omissions Insurance?

Errors and omissions insurance is an important form of business coverage. Policies of this sort are designed to protect your financial well-being in the case of real or alleged negligence. An E&O wholesaler can help you find the professional liability insurance policy that best fits your needs.

Major Areas Covered by E&O Insurance

When you purchase E&O insurance, you are protected against many common hazards of operating a business. Some of the most common areas covered include copyright infringement, omissions and errors made by independent contractors, legal defense costs, incorrect advice, failure of duty, slander, libel and negligence. This kind of insurance coverage only applies to goods and services. It does not apply to property damage or bodily injury.

How E&O Insurance Can Help You

Many IT professionals benefit from E&O insurance after a website or a database is infiltrated by hackers. This insurance covers both intentional and unintentional virus damage across a wide variety of platforms. It protects against financial losses and lawsuits, even when security breaches are caused by negligence. It is also useful for marketing professionals and consultants who may find themselves in accidental infringement of copyright. Errors and omissions insurance offers vital protection to businesses. You can find out more about this important form of insurance by speaking with an E&O wholesaler today.

 

photo credit: Dave Wilson Cumbria cc
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