At Blue Lion Insurance Advisors, LLC, one of the most essential types of Business Insurance we offer is Errors and Omissions Insurance. Our experienced insurance advisors owe no loyalty to any individual insurance company, so we are able to make your business interests our top priority. Well aware that companies, like individuals — no matter how careful or competent they are — make mistakes, we know the importance of Errors and Omissions Insurance.
Also known as E&O Insurance and/or Professional Liability Coverage, such policies provide protection from lawsuits accusing your company of error in the delivery of your professional services. Before you suffer the financial and reputational damage that such claims can bring, call us at (732) 649-1600 or contact us online. We are thoroughly familiar with all types of E&O policies, so we can make certain you have a choice of the very best options for your business in terms of coverage and value.
Is there a difference between Errors & Omissions Insurance and Professional Liability Insurance?
Though often used interchangeably, the distinction between these two terms is that Professional Liability Insurance usually covers physical injury or property damage, while E&O covers mistakes that result in lost money or reputation.
Does your business need an E&O Policy? Contact Our Insurance Advisors to Find Out
Our highly skilled professionals generally advise purchasing an E&O Insurance policy if you run any type of service business with clients or customers who may file a lawsuit against you if you make a mistake leading to financial loss or reputational harm.
Because Blue Lion Insurance Advisors, LLC deals with a broad range of clients, we are able to clarify the risk level you face while operating a business of your type. We may be able to show you how costly a mistake may be, and why it is necessary to be proactive by investing in an E&O policy to protect your bottom line. Clients for whom E&O Insurance is necessary include:
- Advertising firms
- Construction companies
- Consulting firms
- Cosmetic services
- Educational facilities
- Engineering firms
- Financial consultants
- Hospitality services
- Insurance companies
- Law firms
- Marketing firms
- Medical and dental facilities
- Printing and publishing companies
- Veterinary practices and pet grooming establishments
- Website developers
- Wedding planners
Obviously, the list of businesses that need E&O Insurance is lengthy. Call us soon to make sure your business is not at risk for an expensive liability claim that may interfere with your profit margin or even threaten your business’s existence.
What kinds of mistakes does E&O Insurance cover?
Typically, Errors and Omissions Insurance protects your business not only by covering any negotiated settlement or court judgment you are responsible for, but also your attorneys’ fees, court costs, and negotiated settlements or judgments if you are found liable for:
- Unreliable advice
- Lack of good faith and fair dealing
- Improper services
What E&O Insurance May Not Cover
One of the reasons it’s important to work with one of our well-informed insurance advisors is that all insurance products have restrictions, many of which can be obscure and/or complicated to understand. Blue Lion Insurance Advisors, LLC, can make certain that, before you purchase any insurance policy, you are fully aware of its limits. E&O Insurance does not, for example, cover:
- Bodily injury or property damage (for these you require General Liability Insurance)
- Claims relating to events before your policy’s retroactive date or after its extended reporting period
- Criminal acts or intentional wrongdoing (fraud or deceit) of you or your staff
- Employees’ work-related injuries or illnesses (which are covered by workers’ comp)
- Workplace harassment or discrimination lawsuits filed by employees
- Claims by more than one party for the same error or omission under the same policy
Even with these exceptions, E&O Insurance is well worth investing in, since its absence might damage or destroy the business you have worked so hard to build.
Why the Cost of Errors & Omissions Insurance Varies
This is another area in which contacting the Blue Lion team can be very helpful. We can explain in detail why your new policy may vary in cost from one you had previously, and/or why the price of your policy differs from the amount another business is paying for the same policy. Insurance companies weight their prices according to what they determine to be your risk level, including such factors as:
- How much coverage you opt for (the more coverage, the higher the premiums)
- The risk of your kind of business as determined by statistics and algorithms
- Your business’s history of liability claims
- The location of your business (states with higher minimum coverage requirements generally have higher insurance rates)
Whether your business is in a higher risk category or not, using Blue Lion Insurance Advisors, LLC gives you an edge. Our ability to keep current with all E&O Insurance policies available to you in New Jersey assures you that you will be able to purchase the policy that offers the most cost-effective coverage.
Contact Our Experienced Team of Insurance Advisors Today
Although it is impossible to avoid all mistakes in your business, you can prepare for them by consulting with our seasoned insurance advisors. Once you meet with us, you will realize why we are well-respected in our field for always putting our clients first. Contact us today to get the Right Insurance Coverage, at the Right Price with Superior Client Service. That’s the heart of Blue Lion Strong™!