Errors and Omissions Insurance Tennessee
What is E&O Liability Insurance?
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder.
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If your company offers services to regular customers or if you have a unique product or service your business is based on, E & O insurance is vital. Accidents will happen. Mistakes will be made. The last thing you want is to be held liable for costly legal fees when a client or customer is unhappy with your product or service. An Errors & Omissions insurance policy provided to you through AmeriAgency will keep you financially safe during these unavoidable situations and help you prevent the embarrassment and loss of business due to a costly claim against your company.
E & O coverage is not included in a general commercial liability insurance policy or any other commercial package but is an affordable addition to your commercial policies.
What does it Cover?
What is covered?
- Defense costs
- Alleged or actual negligence
- Temporary staff and independent contractors
- Claims arising from services provided in the past
- Claims and damages
- Personal injury (e.g., libel or slander)
- Copyright infringement
Errors and Omissions (E&O) insurance has many names. For some healthcare professionals, it’s called malpractice insurance. For lawyers, it may be called professional liability insurance.
Whatever name it goes by, E&O insurance is designed to protect you or your company from potential financial damages that may arise from a client holding you responsible for a service you provided that did not meet an expected or promised outcome. Some E&O policies are designed to protect you from claims of a failure to provide a service. E&O covers risks that your general liability insurance policy probably does not.
Most E&O policies cover judgments, settlements, and defense costs associated with any civil suits initiated by a dissatisfied client.
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For more information, call us at 1-888-851-5572. If you would like to receive a fast and free quote, visit us on our webpage!
