Errors and Omissions Insurance.
Costly mistakes happen — even to experts. That’s why Errors and Omissions Insurance is important to protect you from lawsuits related to mistakes. Errors and Omissions Insurance protects your company and you in the event that a client files a lawsuit relating to a service you provided, or failed to provide, that did not have the expected or promised results. Errors and Omissions Insurance will cover your legal expenses, which can be costly, regardless of if the lawsuit is founded or unfounded.
- Alleged or Actual Negligence
- Libel and Slander
- International Coverage
- Legal Defense Costs
- Copyright Infringement
- Claims relating to past service
If you provide a service to your client for a fee, then you have an Errors and Omissions Exposure.”
3 reasons for Errors and Omissions Insurance.
Your business shipped a new machine to South America instead of South Africa and it cost your client hundreds of thousands of dollars in lost contracts and damaged their reputation, Errors and Omissions Insurance will help protect you when that client files a lawsuit against you.
You agree to have a project finished on schedule, but your own negligence sets it back 3 months and costs the client $80,000 in reputational damages and lost contracts. Errors and Omissions Insurance will help protect you if they file a lawsuit against you.
You provide IT consulting advice to a client who takes your advice and implements programming code that causes a breach in customer information. Errors and Omissions Insurance will help protect you if that client sues you.