Professional liability insurance can protect you and your company from the costly defense and settlement of claims for your errors or omissions.
What You Need to Know About Executive & Professional Liability
You may know executive and professional liability insurance by another name — errors and omissions (E&O) insurance. Regardless of what you call it, this type of insurance can protect you and your company from the costly defense and settlement of claims for your errors or omissions.
What does executive and professional liability insurance cover?
Much like the name implies, errors and omissions insurance protects your business from litigation based upon any errors or accidental omissions you make, along with the failure of your work to perform as promised or intended.
It’s important to remember that executive and professional liability insurance is different from general liability insurance. While they may sound similar, E&O insurance covers damages or harm that arise from your direct actions. In contrast, general liability insurance can help cover claims that your business caused injury to a third party by property damage, bodily injury, or copyright infringement.
Here are a few examples of coverages included in a professional liability (E&O) insurance policy:
- Violation of good faith and fair dealing
- Inaccurate advice
- Undelivered services
- Missed deadlines
- Incomplete work
- Break of contract
Even with the best workforce and solid risk management practices, mistakes can happen. Not having an E&O policy can put a serious financial risk on you and your business. Contact your Webber Advisors insurance advisor to learn more about this coverage.