Errors & Omissions Insurance (also called E&O, EO and Professional Liability Insurance) helps protect your company or professional practice from risks not typically covered by your general commercial liability policy. E&O is a businessperson’s version of the malpractice insurance taken out by medical practitioners and lawyers. Errors & Omissions insurance is an essential part of your comprehensive business insurance portfolio, whether you work from an office or out of your home. If you are just starting a company, you would be wise to purchase E&O coverage before you open for business. If you already have a policy, you should review it periodically to make sure it is up to date. As your business expands, it’s a wise idea to increase your coverage limits and reduce your exposure to claims.
You can get quotes for E&O insurance using the form shown at the top of this page.
Who Needs Errors & Omissions Insurance?
You need E&O insurance coverage if:
Your clients or investors require it as a condition of doing business with you
Your trade association requires you to carry it as a condition of membership
You manufacture a product or provide a service for a fee
You or your employees provide advice or services that could result in a lawsuit or financial loss for your client due to any alleged error, omission, negligence or wrong-doing on your part
You have personal assets that could be jeopardized if a client sued you
A variety of Commercial Auto Insurance policies exist to protect the business use of cars, vans, trucks, and trailers. Most policies are customized to fit the unique needs of each business. The typical policy covers:
Injury or death of drivers involved in an on-the-job collision.
Injury that you or one of your employees cause to others in an on-the-job vehicle accident.
Damage or loss to your business’ vehicles and cargo.
Damage you or your employees cause to others’ vehicles or property.
Uninsured motorist protection.
As with Personal Auto Insurance, Commercial Vehicle Insurance covers personal injury, damage to vehicles and property, and protection from liability.
What Commercial Auto Insurance Is Not
Commercial Auto insurance has many similarities to Personal Auto Insurance, but there are significant differences. Coverage limits are usually higher. It gets a bit complex when you or your employees use personal vehicles for business use. Most commercial policies won’t cover an employee’s personal liability (just company liability), and most won’t reimburse employees for damage caused to personal vehicles used for company business. Check with your agent to see if your business use of personal vehicles warrants commercial insurance. Requirements and rules vary from state to state.
With a Commercial Umbrella Insurance policy, you get an additional layer of professional liability Insurance coverage to help protect your business against potential risks, which may not be covered by your basic liability insurance; such as commercial auto insurance, general liability insurance or employment practices insurance.
What Does Commercial Umbrella Insurance Cover?
Commercial Umbrella Insurance is a relatively low-cost way to provide additional coverage and expands the limits your business already has in its current liability policies.
If your liability insurance offers $2 million coverage per occurrence or $4 million total, you could expand those limits to $4 million per occurrence and $6 million aggregate with a $2 million Commercial Umbrella Insurance policy.
Who Needs Commercial Umbrella Insurance?
Commercial Umbrella Insurance has flexible policies that can be tailored to meet the needs of your specific company. Remember that Commercial Umbrella Insurance only provides liability supplements to your existing liability policies.
Also, Commercial Umbrella Insurance differs from Personal Umbrella Insurance because it focuses on specific business cases, such as adding more protection on errors and omissions coverage.
In Florida, employers are not required to purchase coverage for every aspect of running a business. However, certain types of insurance are state-mandated. For example, Florida businesses with four or more employees are required to provide workers’ compensation coverage. In the construction industry, coverage is required for even one employee, including the business owner. If your business uses vehicles for commercial purposes, you are also required to purchase commercial automobile insurance.
Litigation is both costly and time consuming, and realtors are increasingly the targets of lawsuits. Lawsuits against realtors involve claims for failure to diagnose some material defect, claims that the realtor misrepresented the property in some way, or that a property inspection was handled inappropriately.
Real Estate Agents’ Professional Liability Insurance is a specific variation of Professional Liability Insurance (often called “Errors & Omissions Insurance” or “Malpractice Insurance“) designed specifically for professionals in the real estate industry.
This product protects the assets of real estate agencies, brokers, and individuals from claims of wrongful acts (errors, omissions, or negligence) that result from the performance of their professional duties.
Policies cover financial losses and expenses (including legal fees) that result from a claim. Some policies also protect against slander, libel, and breach of contract. As with other types of professional liability insurance, the insured is generally protected against all lawsuits, even frivolous ones.
A Business Owners Policy or BOP insurance lets business owners focus on the expected challenges and rewards of running a small business. Business owners policies cover property and liability losses from unexpected risks such as smoke damage to merchandise or liability from an injured customer. In addition, coverage on business income can help a distressed business continue until normal operations resume. Could your business cover the costs of a catastrophic loss? A BOP is a smart way to minimize risks and protect your small business.
Business Owners Policies are designed for medium to small businesses. The ideal business for BOP insurance is a one location operation with common, non-specialized risks.Typically, coverage for buildings may not exceed 25,000 square feet in total floor area and annual gross sales must be less than $3 million. A BOP may be a good solution for the following businesses:
Convenience stores
Delis and coffee shops
Motels and hotels
Wholesale suppliers
Dry cleaners
Retail clothing stores
Offices
Self storage facilities
General Liability Insurance Quotes
General Liability Insurance (also called Commercial Insurance) helps protect your company or professional practice from claims of bodily injury to a customer or damage to a customer’s property resulting from using your product or service. Many General Liability policies also cover claims of personal injury such as libel or slander and advertising injury claims of misrepresentation of your products or services. Sometime, General Liability is included as part of a comprehensive Business Owners Policy (BOP). However, coverage in those instances are typically low and may not offer sufficient protection for your specific risk exposures. General Liability insurance is an essential part of your business insurance portfolio, whether you work from an office, out of your home or in the field. If you are starting a company, it is a good practice to purchase your General Liability coverage before you open for business. If you already have a General Liability policy, you should review it periodically to make sure it is up to date. As your business expands, it’s a wise idea to increase your coverage limits and reduce your exposure to claims.
You can get quotes for General Liability insurance using the form shown at the top of this page.
Who Needs General Liability Insurance?
You need General Liability insurance coverage if:
Shopping for business insurance can involve a lengthy quotation process, because getting the right coverage means you are protected from certain types of events that would otherwise jeopardize your business. Select one of the business insurance products listed above/below to review more detailed information regarding what is normally covered by that type of policy.
Coverage For Licensed Professionals, Businesses, Commercial Property
“Are you an Independent Contractor, Self-Employed, or a Professionally Licensed Individual?
Do you own or manage a Limited Partnership (LLC), S-Corporation (S-CORP), or other Business Entity?”
In today’s business world carrying the right type of insurance can be vital to the survival of any company no matter what type of product or service they offer. The IT world has become so complicated that the simplest error or omission can have disastrous results leading to complete system failures and loss of revenue. IT insurance is a form of errors and omissions insurance that has been created specifically to provide coverage for this exact situation.
IT Consultants Shoulder A Lot Of Responsibility
As information technology consultants you are responsible for everything that exists in your client’s computer system. No matter how professional and skilled both you and your employees are, it is still within the realms of possibility that someone can miss entering a single character of code or enter the wrong one causing a system wide crash or worse destroy stored data. IT insurance or as it is also known, professional liability insurance is there to protect you, your employees and your company in the event of a lawsuit.
Worker’s Compensation Insurance Quotes
Workers compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer.
Workers Compensation Insurance is designed to help companies pay these benefits. As a protection for employees, most states require that employers carry some form of Workers Compensation Insurance.
What Worker’s Compensation Insurance Is Not
Workers Compensation Insurance is not health insurance. Workers Comp is designed specifically for injuries sustained on the job. For more general employee health benefits, see Group Health Insurance.
Who Needs Worker’s Compensation Insurance?
In most states, if you have employees, you are required to carry Workers Compensation coverage. Even in non-mandatory states, it can be a very good idea, particularly if you have many employees, or if they are engaged in hazardous activities.