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E&O Insurance Coverage Explained

E&O Insurance Coverage Explained

E&O Insurance Coverage Explained

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E&O insurance coverage is a liability insurance product that helps protect businesses by safeguarding against losses in the event of a lawsuit due to a negligent act, error or omission as a result of a service provided to a customer for a fee.

Organizations can protect their business assets and reputation, by investing in E&O insurance coverage which is also known as professional liability insurance.

Who Needs E&O Insurance Coverage?

E&O insurance coverage is for anyone who gives advice, makes educated recommendations, designs solutions, or represents the needs of others.  Simply put if your organization provides a service to others for a fee you need E&O insurance coverage.

Types of E&O Insurance Coverage

Specialized forms of E&O insurance coverage are also available to professions such as appraisers, lawyers, accountants, actuaries, consultants, real estate agents, insurance agents, home inspectors, notaries etc. E&O insurance coverage policies are designed to cover the legal defence costs that are incurred trying to prove liability or innocence. E&O insurance coverage policies also cover the final judgment or settlement if the business is deemed to be some what at fault.

E&O Insurance Policy – What To Expect

E&O insurance coverage kicks in where your other insurance policies like Commercial General Liability policy does not provide coverage, such as for service errors and/or omissions and other professional liability issues. E&O insurance coverage policies also include defense costs, which can be substantial.

E&O insurance policies have both a claim limit and an annual aggregate limit. Limits should be selected based on a number of factors including the amount and type of work being done, who it is being done for, etc.

E&O Insurance Coverage Experts

There are many different forms of E&O insurance coverage / professional liability insurance and multiple factors to consider when purchasing E&O insurance coverage for your business including how to handle tail liability.

Because there isn’t a standard policy, an ALIGNED Advocate can provide expert guidance about E&O insurance coverage and design a policy to meet your specific needs.

Talk to one of our advocates today about how we can help you secure the best products, services and insurance solutions for your business.

ALIGNED Across Canada   100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.

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