Professional Liability or Errors and Omissions (E &O) Insurance Professional Liability or E&O insurance covers lawsuits that arise from misrepresentation or failure to perform. It may also in some cases pay for judgments against a business or individual — including court costs — up to the policy coverage limits. If you’re a professional, such as a lawyer, real estate agent, accountant, etc., you are vulnerable to lawsuits. Even a frivolous claim can result in financial loss, lost time or even the loss of your business! Corporate general liability insurance does NOT provide coverage for errors or any other liability issues. Individuals or Companies that have general liability only may be at great risk. Mistakes—however unintentional—happen to everyone. It’s just a part of doing business… In our current litigious environment, a customer can claim that something was done incorrectly and that this error cost them money or caused them harm in some way. To protect yourself and your company, it is extremely important to have a properly crafted E&O Insurance Policy to cover mistakes, errors or omissions made by you, your employees or others affiliated with your business. The cost of a monthly deductible is far less than what you’d pay to defend yourself and your business in a lawsuit! Deerfield Advisors Insurance can provide the expertise needed to help you understand what your policy does and does not cover, and get the coverage placed for you. The following should be considered when determining the best coverage for your business: Who is covered by the policy? Can you afford the deductible? Does the policy cover prior acts? Does the policy cover legal fees & expenses in addition to damages? Is the coverage limit adequate to cover all potential fees & damages? Does the policy cover mental anguish or tangible losses only? Deerfield has access to carriers who specialize in this type of insurance, and we can shop your coverage if needed. We would be happy to talk to you about your options for an E&O Insurance Policy. Just give us a call!