Errors & Omissions

It is an unfortunate fact of life that mistakes happen, but fortunately there is Errors & Omissions (E&O) insurance that can help cover these little mishaps that occur from time to time in business. E&O insurance, also known as professional liability insurance, is a form of insurance that is akin to malpractice insurance in the medical industry. E&O insurance not only covers your mistakes, but also those made by your employees and independent contractors. It covers you and your company in the event that a client holds you responsible for a service that you mistakenly didn’t perform or failed to perform altogether. This is a totally separate coverage from your company’s standard general liability or property insurance policies.

All industries are at risk – some of the more popular professionals that acquire E&O insurance are lawyers, engineers, accountants, architects, brokers, consultants. Although these are some of the more well-known professionals that have been known to protect their businesses with E&O insurance, all professionals should examine their business to assess their needs for an E&O insurance policy. At the Copeland Insurance Group, we feel it is of the utmost importance to work with you to assess the risks involved in your business and to help you understand the need for this type of policy in your insurance portfolio.

For example, if a freight courier sends a package to Paris, France and its intended destination was Paris, TX, there is a now a time sensitive shipment along with a loss of a client’s product that not only needs rerouting, but also the cost of the product for the client. This scenario is the type of situation that would require E&O insurance.

The majority of E&O insurance policies cover judgments, settlements and defense costs. Even in the event that the claim is found to be groundless, there will still be legal fees to cover and the E&O insurance covers these fees. No matter the size of your company, a lawsuit can be surprisingly devastating. It doesn’t matter how careful you try to be on a job, you and your company are at risk, even from the most frivolous lawsuits. It does not matter who claims victory in court, legal expenses still loom and these costs can be devastating to your business’ financial well-being.

Copeland Insurance Group agents are experienced in understanding and assessing the type of E&O coverage needed for professionals in well-known and specialty industries. We can work to custom fit an E&O insurance policy to your needs nicely fitting into your existing business insurance portfolio.