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Errors & Omissions Insurance


Errors & Omissions Insurance Information

E&O / Errors and Omissions

 

What is errors and omissions insurance?

Errors and omissions (E&O) insurance provides coverage for businesses or individuals for when they are held responsible for a service provided, or failure to provide a service, that did not have the expected results. For doctors, dentists, etc., it is called malpractice insurance. For professionals like lawyers, accountings or engineers, it may be called professional liability. Regardless of its name, E&O insurance covers any errors or omissions that either you have made or that the client perceives you have made.

The number of liability lawsuits against professionals has increased in recent years. Many professionals are at risk of being sued. Small companies can go bankrupt from the cost of lawsuits. Even large companies can experience an impact to their bottom line. An E&O policy covers legal fees and settlements in such scenarios, regardless of fault.

Who benefits from errors and omissions insurance?

If your business provides a service for a fee, you have an E&O exposure. Have you thought about what could happen if the service is done incorrectly or not performed in time? Even with quality employees and risk management practices in place, people still make mistakes. A general liability policy may not cover mistakes that could be made. Errors and omissions insurance will protect your business and its finances if such an event arises.

Get started today

There is not a standard E&O policy. We will evaluate your business to determine your specific exposures and help you get the coverage you need. If you think you might need an E&O insurance policy, give us a call. We are happy to assist you today.





 
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Securities and investment advice offered through Investment Planners, Inc. (Member FINRA/SIPC) and IPI Wealth Management, Inc., 226 W. Eldorado St., Decatur, IL 62522. 217-425-6340.
Tomei Insurance Agency is not affiliated with Investment Planners, Inc. or IPI Wealth Management, Inc.
Insuring: Gurnee, Waukegan, Zion, Mundelein, Libertyville, Grayslake, Antioch, Ingleside, Round Lake, Round Lake Park, Round Lake Beach, Beach Park, and Great Lakes, Illinois as well as Kenosha, Racine and Pleasant Prairie, Wisconsin. Along with other counties in Lake County, IL and we're just a short 40 miles north of downtown Chicago.
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223 N. IL Route 21 (at Washington St) | Gurnee, IL 60031
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