Errors & Omissions (E&O) insurance policies protect your business against the cost of having to defend yourself or your business in the event of a lawsuit in which you are accused of failing to provide a professional service. It’s often referred to as professional liability insurance. In the legal profession, it’s malpractice insurance. If you are a contractor, architect, engineer or consultant, you may want to consider E&O insurance that protects you if you should make a mistake or are accused of making a mistake. Axis Insurance Services specializes in E&O insurance for professionals in many industries.
The cost of E&O insurance depends on many factors, including:
- What type of professional services your company offers
- The state where services are provided
- The annual revenue or sales of your organization
- How many professionals are providing services, note that independent contractors, volunteers and part-time employees can be covered in your insurance policy
- Your business loss and claims history
Some organizations are required to have an E&O policy before beginning certain projects. Review your professional liability risk with your insurance agent at Axis Insurance Services before you renew your current policy to make sure your policy covers the services you provide. Have peace of mind knowing that your defense in a lawsuit will be covered if you’re accused of negligence.