Errors and omissions insurance (E&O) is a type of professional liability insurance that protects companies, their workers, and other professionals against claims of inadequate work or negligent actions. Errors and omissions insurance often covers both court costs and any settlements up to the amount specified by the insurance contract. This kind of liability insurance is generally required for professional advice-giving or service-providing businesses. Our firm has helped hundreds of clients with their E&O needs, contact us today to see how we can help you.
Lawyer E&O Insurance
Attorney professional liability, also known as legal professional liability, protects the lawyer from alleged mistakes that can occur while practicing law.
Lawyers are frequently targeted when clients are dissatisfied with their legal performance. A small claim can result in the loss of billable hours, while a more significant one can cast doubt on an attorney’s professionalism and competency, impacting them financially.
As accounting professionals and auditors, errors and oversights have a direct financial impact on your clients resulting in costly and time-consuming litigation. Unfortunately, even the strongest internal controls and “best practices” cannot prevent the inevitable. Mistakes and oversights will occur, and even when they don’t, accusations (with or without merit) can be costly and time consuming to defend. While auditors and accountants servicing the financial sector may see greater claim severity and increased 3rd party liability, firms servicing the healthcare industry are exposed to different regulatory requirements such as HIPAA compliance. Cyber security, potential data breaches and usage of cloud providers pose yet additional threats that firms must now navigate. While internal audits and loss prevention is recommended, a well structured professional liability insurance program is one of the only ways to truly mitigate that risk and protect your firm.