Errors And Omissions Coverage Is For Professionals
November 29th, 2009 Posted in General Insurance
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May 6th, 2010 at 6:24 am
) October 13, 2009 — TechInsurance, the leading online provider of business insurance for IT companies, is making comprehensive insurance coverage more affordable than ever for the smallest IT companies, offering a new MicroTek Pak product that combines professional liability/errors and omissions insurance with general liability and property insurance coverage for an incredibly low price.
TechInsurance Announces Offering of New MicroTek Insurance Product
more -> TechInsurance’s New MicroTek Pak Insurance Product Combines Top Three Coverages at Affordable Price – Blogger press release
read more
May 17th, 2010 at 8:56 pm
) October 13, 2009 — TechInsurance, the leading online provider of business insurance for IT companies, is making comprehensive insurance coverage more affordable than ever for the smallest IT companies, offering a new MicroTek Pak product that combines professional liability/errors and omissions insurance with general liability and property insurance coverage for an incredibly low price.
TechInsurance Announces Offering of New MicroTek Insurance Product
more -> TechInsurance’s New MicroTek Pak Insurance Product Combines Top Three Coverages at Affordable Price – Blogger press release
read more
July 11th, 2011 at 6:36 am
Errors and Omissions: Hi to
July 15th, 2011 at 7:56 am
D & O is what you need. E & O insures against errors, omissions, & defalcations by employees. D & O insures Directors & Officers and their entity against breaches of their fiduciary duties.
July 31st, 2011 at 5:02 pm
Flaws go on in every career. Regrettably in certain jobs those blunders are a tad bigger of a deal than others. At any time you fail to remember to place special sauce on the hamburger, this is a little mistake, however a blunder none the less. If, on the other hand, a mistake or omission is done on a household that you are in charge of developing then it really is a giant slip-up.
August 13th, 2011 at 8:19 pm
Even if NJ doesn't require errors and omissions insurance the idea of not having such insurance is crazy. TX, one of the only states to do so, doesn't require employers to carry workers compensation insurance. Thus a employer has a large amount of legal liability if a employee gets hurt on the job.
Get the insurance. May cost a bit more but if anything happens this covers your assets. Given how lawyers are would you really risk so much for so little?
August 22nd, 2011 at 9:40 am
You should most definitely obtain Errors and Omissions (E&O) insurance (sometimes called Professional Liability). This type of policy covers damages you cause others through your business actions other than bodily injury or proerty damage, which would be covered by a Commercial General Liability (CGL) policy. So if a a ballet instructor orders one of their students to perform a move without proper instruction, and the dancer injures themself, a CGL policy would respond since the damages suffered were bodily injury. Let's say you recommend that a client purchases product 'X' to help their business become more efficient (you never said what type of consultant you are, but I'm sure you can relate if this is not exactly your field). The client purchases the product but it turns out the product is completely inappropriate and incurs costs not only to remove the product, but for lost sales/production/etc. An E&O policy would respond in this type of situation. The client did not suffer any bodily injury nor was his property damaged, however he did suffer financial loss from following your professional advice.
No judge will accept a clause in a contract that essentially states "I will do whatever, you will pay me whatever and you cannot sue me no matter how bad I screw up." This clause only benefits one party with zero benefit to the other party, which invalidates a contract. Get the insurance.