Errors & Omissions Insurance: Do You Need It?

Errors and omissions (E&O) insurance is a vital component of the complete insurance package for many of today’s thriving businesses — but, how do you know if your company needs it? Whether or not you should be carrying E&O insurance largely depends on the nature of the services that you provide. Most of us are familiar with the malpractice insurance carried by health professionals, and E&O insurance is not that different. E&O insurance is carried by businesses who have the potential to make errors (or omissions) that could open up the business to substantial liability. E&O coverage typically covers judgments, settlements, and defense costs associated with legal action arising from an E&O claim.

Who Typically Carries E&O Insurance?

Doctors, lawyers, accountants, architects, engineers, and other professionals carry E&O insurance as part of their standard insurance package. These professions require that practitioners protect themselves from mistakes that can happen from time to­ time, even to the best of us. Even if you are not working in one of the aforementioned fields, E&O insurance is beneficial for those in professions such as designers, event planners, caterers — basically any profession where an oversight or error could result in costly litigation.

OTC Insurance Can Help Select The Right Coverage

There are a lot of questions associated with E&O coverage, and your best resource is your professional insurance agent. Your agent can help select a policy that covers the specific exposures associated with your industry, ensuring that you’re paying for coverage that fits your needs. E&O coverage can be a complicated product, so an experienced agent is going to be your greatest asset in exploring this important insurance.

Contact us to discuss E&O insurance today or you can begin the application process by completing our online form here.

Don't be shellfish...Tweet about this on TwitterShare on Google+Share on LinkedInEmail this to someoneShare on Facebook
Recent Post
  • Mike S. from Halifax just saved $300 per year on his premiums by moving to OTC Insurance

    December 10, 2009 continue reading...
  • OTC Insurance can help to reduce your Commercial Insurance premiums – we recently saved one business HRM

    December 10, 2009 continue reading...
  • OTC Insurance has saved it client’s 30% (on average) for Home Insurance during December 2009

    December 10, 2009 continue reading...
  • Let OTC quote your for your insurance renewals this year and save!

    January 26, 2010 continue reading...
  • Nova Scotians injured in a minor car accident are now going to be eligible for more money because the governme

    April 30, 2010 continue reading...
  • I Wonder How Many People Know About This: A 36 year old female had an accident several weeks ago and totaled h

    April 30, 2010 continue reading...

What our Clients are Saying

  • tammy-mackay-moulding-warehouse-testimonial-headshot

    If you want knowledgeable people you can trust who will properly protect your company’s assets, you should call OTC Insurance today. With OTC, I’m enjoying more coverage and lower prices.

    T. MacKay
    The Moulding Warehouse
    Hammonds Plains NS

  • client-profile-img

    Being a business owner is worry enough let OTC worry about your insurance. Let their knowledgeable people protect your business while you work your business.

    T. B. Watson
    Whitestone Builders
    Halifax NS