As a professional services provider, you take on a lot of risk. Whether managing the books for a client as their accountant, providing legal services, or helping to manage paperwork for a non-profit or real estate brokerage, they trust you implicitly to accurately and properly provide your services. But no matter how well trained and managed your staff, errors and omissions can happen, which is why you need protection against claims arising from such issues.
Because of the nature of E&O insurance policies, there is a wide range of options based on industry, nature of business and history. Typically, available in increments of $1 million with deductibles ranging between $1,000 and $25,000, a good E&O policy should be matched to your business and the type of work you provide. Radius Insurance can help you determine what will be the best fit.
Not all insurance companies offer E&O insurance and others offer very specific policies depending on profession and other factors. That’s why it is important to work with a company like Radius Insurance that works with thousands of carriers and focuses only on business insurance. This allows us to better understand which policy is going to be the best fit for your needs.
Other things you should keep in mind when evaluating E&O Insurance policies include:
- All professional liability policies are “claims-made”. So the policy will only cover the specific work that has been completed with the policy is in place. Canceled coverage will end coverage and any claims submitted after that period won’t be covered.
- There are several exclusions in most E&O policies. Because each policy is crafted to match specific risk, you should evaluate what will matter most for your business.