Articles and Publications

E&O Insurance

What are the basics of ERRORS & OMISSIONS insurance, and why might I need it?

In any business relationship, it is possible for a customer to claim that work you performed or failed to perform created a financial loss or harmed them in some way. Because we live in a litigious society, many business owners protect themselves with Errors & Omissions Insurance (also known as Professional Liability Insurance). This insurance is essential for anyone who gives advice, makes educated recommendations, designs solutions or represents the needs of others, such as teachers, consultants, software developers, ad copywriters, web page designers, placement services, telecommunication carriers etc.

Although a formal contract with your clients can help limit your liability, it cannot prevent a lawsuit. In many cases, the cost of defending a lawsuit represents the biggest expense. Errors & Omissions policies are designed to cover these defense costs and ultimately any final judgment if you lose the case. It is important to note that this protection is not routinely provided by the Commercial General Liability policy that most businesses buy to protect their interests.

contact us

Anchor Agency, Inc.
Pioneer Plaza
652 Albany Shaker Road
Albany, NY 12211

Phone - 518.730.3200
Fax - 518.730.3199
Email - info@anchoragency.com
Previous
The Hartford
Harleysville
Progressive
Travelers
Hanover
Chubb
Next