In today’s changing world, business litigation has unfortunately become common. The U.S. Chamber Institute for Legal Reform reported that litigation costs American small businesses over $105 billion per year.
As business insurance advisors, Acrisure’s Agency Partners understand the risks businesses faces every day. To help protect your business and employees from the costs of expensive and time-consuming litigation, you may need additional insurance coverages designed for your business’s specific needs.
Added Protection for Your Bottom Line with Errors & Omissions Insurance
Errors are an unfortunate but sometimes common part of doing business. However, if you specialize in providing professional advice or other professional services, some errors could cost your business. For example, say you are a web design firm whose errors cause the launch date for a client’s new website to be delayed. The missed deadline could derail certain of your client’s marketing initiatives, which can then make you liable for damages caused to the client.
Understanding Errors & Omissions Insurance
Errors & omissions (or “E&O”) insurance, also referred to as professional liability insurance, can help provide protection against claims for damages caused by alleged acts, errors, or omissions committed while performing professional services, and from claims arising from failure to disclose information or alleged professional negligence.
What Does Errors & Omissions Insurance Cover?
E&O insurance can cover the costs arising from various service-based business liabilities, including:
- Errors in services
- Inaccurate advice
- Court costs
E&O insurance policies have certain exclusions, and, among other things, do not cover the costs associated with criminal prosecution, illegal conduct, intentional acts of wrongdoing or criminal activity.
Who Needs E&O Insurance?
E&O insurance is critical for businesses that primarily provide services or give professional advice. Some examples of businesses that need E&O insurance include, but are not limited to, financial advisors, insurance brokers, law firms, accountants, realtors, non-profits, service providers, engineering firms and event planners.
Acrisure Agency Partners can help custom-tailor an E&O insurance policy that addresses your individualized business needs. Our Agency Partners can also help make personalized recommendations to help mitigate against potential liabilities stemming from errors or omissions commonly associated with organizations in your industry.
Peace of Mind for Your Leaders with Directors & Officers Insurance
You trust your directors and officers to do important work—but everyone has the potential to make a mistake. That’s why businesses with a corporate board, advisory committee or management team should consider obtaining directors and officers (“D&O”) insurance.
What does Directors & Officers Insurance Cover?
Among other things, this liability insurance can help protect the personal assets of your directors and officers (even those that may be volunteering for a non-profit board) in the event they are personally sued for the decisions they make while managing or overseeing your organization.
Who Needs Directors & Officers Insurance?
D&O insurance is important for any business that has a corporate board, advisory committee, and management team, including non-profit organizations.
As business insurance advisors, our Agency Partners can gain an understanding of your business’s organizational structure and its goals for growth. Because most experienced leaders and managers will expect this level of protection, our brokers can help tailor D&O insurance coverage to help put their minds at ease, so they can focus on running and managing your business.
Find the right insurance coverage to help protect your business and its leaders. Reach out to an Acrisure Agency Partner today to learn more.