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E&O Insurance

Errors And Omissions Insurance (E&O)

Author: Sarkis Kaladzhyan

Will your Business Owners Insurance Policy cover you if you error in a professional service that you provide?

That is a question that you should ask your broker and verify with your insurance company. A Business Owners Insurance Policy is not designed to cover your errors and omissions that you make while providing a professional service. BOP\'s are typically designed to provide coverage if a customer injures themselves, or if there is fire. If you are a consultant your exposure is the professional advise that you provide. You would leave yourself uninsured if you do not have E&O Insurance. Since your exposure is the professional service that you provide you are more likely to be sued for performance than a slip and fall injury.

Buy errors and omissions insurance not by price but by coverage. It would be foolish to purchase E&O Insurance from a broker who does not fully understand the policy language of the policy he is proposing.

The following is a list of items that you should ask for when choosing a Professional Liability Insurance or E&O insurance.

· Does the professional liability (E&O) policy offer a broad definition of Insured

· Broad Definition of Claims

· Claims Made or Occurrence

· Defense cost outside of limits

· Broad definition of Loss (to include punitive/exemplary damages)

· Risk management/loss control services

· Includes Coverage for independent consultants

· Prior Acts coverage

· Definition of services customized to policy holder’s operations

Calco Commercial Insurance can provide accurate, detailed and instant E&O Insurance quotes online or by phone (877) 225-2699

About the Author:

Sarkis Kalazhyan is the principal of Calco Commercial Insurance

Article Source: http://www.articlesbase.com/insurance-articles/errors-and-omissions-insurance-eo-778218.html