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Errors & Omission

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Choose the right – Errors & Omissions Insurance

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Errors and Omissions Insurance

Almost all insurances are intended to recognize the financial implications of unpredictable events. Because no one can predict an error, we just know they will happen, we cannot tell what the financial impact will be on us or our business. It could be negligible; it could cost millions! That’s why most businesses, particularly in the service or knowledge-based industries, insure against Errors and Omissions. Errors and Omissions insurance protects companies from the potentially disastrous effect of claims from clients which may result from the smallest of errors to professional negligence.

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What type of claims?

In service industries the core ‘product’ is advice. Whether any material advice whether oral or written may be regarded as contractual. Large or small, if you are contracted to provide a service and fail to do so, properly, on time or at the contracted price you may find your company exposed to a claim by your client for any consequential losses or costs. Generally, your responsibility extends to your employees and sub contractors. Errors and omissions insurance will not eliminate errors or omissions, large or small, but it will protect you from the financial consequences.

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The coverage

E & O Insurance, protects you from the financial impacts of inadvertent and accidental errors which occur in commercial dealings and on which a client might base a decision. For example, the error might be as simple as an overlooked typing mistake or as complex as a professional misjudgment.

It does not cover deliberately misleading or erroneous actions nor illegal acts committed or condoned by your company, whether by employees or subcontractors.

TrueCoverage will help to find the policy which suits your employees.

Understanding Errors & Ommissions

Frequently Asked Questions

If I take out a policy now, will I be covered for claims related to previous contracted work?

In general, the answer is no! But on application, your past record of claims will be taken into account, and this will be reflected in your premium.

How much coverage do I need?

The cost of E&O insurance is not high. You should consider the size of the companies you deal with and the value and continuity of your contracts. For a small company the limit is $1,000,000 per claim but if you have contracts with large companies, they may insist on higher limits.

What is not covered by E&O insurance?

Knowingly misrepresenting or withholding significant facts which might affect a potential or existing contractual relationship with customers.

Internal management issues, e.g. employment contracts.

Is there a ‘one policy’ fits all?

NO because this is a huge arena; critical for all organizations transacting with others, to protect themselves from legal action and claims for ‘non-performance’.

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This website is operated by TrueCoverage and is not the Health Insurance MarketplaceSM website. In offering this website, TrueCoverage is required to comply with all applicable federal laws, including the standards established under 45 CFR 155.220 (c) and (d) and standards established under 45 CFR 155.260 to protect the privacy and security of personally identifiable information. This website may not display all data on Qualified Health Plans (QHPs) being offered in your state through the Health Insurance MarketplaceSM website. To see all available data on QHP options in your state, go to the Health Insurance MarketplaceSM website at

Also, you should visit the Health Insurance MarketplaceSM website at if:

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