Errors & Omissions Insurance Coverage
Errors and Omissions Insurance is specialized liability coverage required by a variety of individuals and companies that provides professional services, such as accounting, engineers, marketing, consultants and IT services. Despite the best intentions of those in these fields, an error or omission in the performance of their services could cause financial type losses to their customers.
Liability arising from losses from a professional service are excluded under the standard Commercial General Liability policy. The legal expenses to defend suits of alleged failure to provide adequate professional services can be significant. Coverage for legal costs for defending these suits is available under an Errors and Omissions policy. Morison Insurance represents several specialized insurance markets that have comprehensive Errors and Omissions Liability coverage for various professional service providers.
What is Errors and Omissions insurance?
Errors and omissions insurance is a form of professional liability insurance that protects business and its employees against legal claims made by clients for inadequate work or negligent actions. E&O insurance helps protect you even if allegations are groundless.
Who Needs Errors and Omissions insurance?
If you’re a medical professional, lawyer, accountant, architect, engineer, consultant, broker, financial advisor, or any other type of professional practitioner in Ontario, your professional organization requires you to have professional liability insurance.
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