What is an error and omissions insurance

Posted: Wed Jan 11, 2006 05:29 am Post Subject: error and omission insurance

Error and omissions insurance coverage is a business and commercial insurance that provides protection to your company from possible business damages and the lawsuits. In addition to that it covers the malpractice and errors for you and your hired employees.
It is not included in the general liability policy; instead it can be purchased separately.

Hope you have got the answer. :)

Posted: Thu Jan 12, 2006 05:24 am Post Subject: error and omission insurance

E&O insurance provides the protection for your company from the claims of your customers due to the errors or the failure of your work to perform as promised in your contract. The coverage protects against financial losses from lawsuits.

You are always at some risks no matter how carefully you perform your job. This insurance is designed to help cover your defense costs and ultimately the final judgment if you do not win the case.

Two types of E&O insurances are there in general:
•Claims must be made during the policy period.
•Claims that occur due to error, omission, or negligence in regard to your duties.

There are exclusions to the E&O insurance.
1. claim arising from damage you cause to a property.
2. claim resulting in dishonest or illegal acts by you.
3. claim regarding polluted property.
4. claim against you if you cause bodily injury or death.

The policy has deductibles for the damages and for the defense costs. Often it has a deductible in excess of $1,000.

Posted: Mon Feb 26, 2007 09:26 pm Post Subject: error & omissions insurance

Do LLC businesses need error & omission insurance?

Posted: Tue Feb 27, 2007 01:13 am Post Subject:

Most insurance companies reguire one to have E&O insurance as terms to be appointed by them to sell. While a LLC limits your exposure it would be adviceable to optain E&O insurance for yourself or company. Watch out for exclusions, such as not being covered if a third party sues you instead of a direct client. Such as a Son of your Client sueing you for not advicing LTC and then the need comes up. A notable case involving a Financial Planner was sued and lost, his E&O Ins. didn't cover him since it was a third party (not his client directly) that brought about the lawsuit.

Posted: Sun Nov 01, 2009 05:02 am Post Subject: in penna, work comp,e+o insurance can I purchase bothEMPLOYE

hi,i am an employee, e+o and workers comp,$deducted from my pay! in penna,you must carry w/comp when you have 1 or more employes.can I buy w/comp for my self,as well as e+o

Posted: Fri Jan 08, 2010 09:51 pm Post Subject: E&O

If you don't have a sponsoring company you can always try NAPA Direct E&O for like $475 a year.

Posted: Wed Nov 24, 2010 03:07 pm Post Subject: claim

What do I need to do to file a claim against and insurance compnay?

Posted: Thu Nov 25, 2010 02:34 am Post Subject:

What kind of a claim? For an auto accident, a death, a doctor or hospital bill? Be a little more specific about your need.