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E & O Insurance

Errors & Omissions coverage is intended to cover an honest mistake, error, or omission resulting from the professional services of the company. It is also called Miscellaneous Professional Liability (MPL).

Why is it important?

Mistakes happen. It’s true in every facet of life, and that includes running your business. Unfortunately, any professional can be sued or held liable for honest mistakes made in the normal course of conducting business. In our litigious society, errors and omissions insurance is a good safety net for many types of businesses.

 

How do I find the best value?
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It is important to use an insurance agent who understands your business and can communicate your needs clearly to the insurance carriers. It is also critical to use an agent who works with multiple insurance companies to give you options and keep you apprised of coverage changes that can impact your bottom line. Contact Cornerstone and we will walk you through every step to make sure you have the best overall value and help you make an informed decision on securing this important coverage.

What factors affect pricing?
Underwriters will consider the class of business, annual revenue, claims history and other factors such as your specific risk management controls when quoting E&O coverage. This information is usually captured in a basic application that is completed and submitted to the insurers.
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What does it cover?

Errors & omissions (E&O) insurance – also called professional liability – can protect professionals from defense costs and damages stemming from lawsuits related to their services. Even frivolous lawsuits can be costly to defend and settle, and you need quick access to experienced and affordable defense counsel to help get them resolved efficiently and favorably.

Is it mandatory?

While E&O coverage is usually not mandatory for most professionals, it is required to obtain certain financial services licenses and may be contractually required by your clients or vendors. Even absent any such requirements, it is still a good idea to carry some limit of coverage if you are providing a service to others.

How does it work?
If you are served with a lawsuit or demand stemming from your services, you can report the claim to the insurance carrier. The insurer evaluates each claim individually to determine whether it falls under the terms of the policy, then assigns an attorney to work with you in defending or resolving the matter. You are responsible for the deductible amount on the policy, but the insurance company pays covered costs above the deductible amount, up to the policy limit.
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What’s in the policy?

An E&O policy is written on a base professional liability form that includes definitions, exclusions, and other explanations of your responsibility and the insurer’s responsibility. Underwriters may attach a series of endorsements to the policy that mold the coverage to fit your business. It is important to pay attention to the endorsements, which may enhance or restrict your coverage. It is also imperative to read the policy carefully and comply with all claim reporting provisions. Many E&O policies require notice of any lawsuit or demand during the policy period in order for coverage to apply. Failing to report a claim in a timely manner could result in a denial of coverage down the road.



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