Gottier Investments

860-683-1245

Insurance Read Time: 2 min

Errors and Omissions Insurance

Errors and Omissions (E&O) insurance has many names. For some healthcare professionals, it's called malpractice insurance. For lawyers, it may be called professional liability insurance.

Whatever name it goes by, E&O insurance is designed to protect you or your company from potential financial damages that may arise from a client holding you responsible for a service you provided that did not meet an expected or promised outcome. Some E&O policies are designed to protect you from claims of a failure to provide a service. E&O covers risks that your general liability insurance policy probably does not.¹

Most E&O policies cover judgments, settlements, and defense costs associated with any civil suits initiated by a dissatisfied client.

Who Should Consider?

While E&O insurance is commonly associated with professionals such as doctors, lawyers, and financial professionals, anyone in the business of providing a service for a fee should consider obtaining coverage. Whatever your profession, try to imagine your potential liability if the work performed by you or your employees was not properly done.

Most errors and omissions insurance can be structured to meet the specific needs of your business. For example, a wedding planner has a different risk exposure than an accountant, necessitating a different form of coverage.

1. The information in this material is not intended as legal advice. Please consult a legal professional for specific information regarding your individual situation.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Related Content

When Life Insurance Becomes Taxable

When Life Insurance Becomes Taxable

Life insurance proceeds are generally tax-free. But not in all cases.

Inflation & Your Money

Inflation & Your Money

It's important to understand how inflation is reported and how it can affect investments.

How Insurance Deductibles Work

How Insurance Deductibles Work

Knowing how insurance deductibles work can help you save money and give you peace of mind.

 

Have A Question About This Topic?







Thank you! Oops!

Variable Universal Life Insurance

Variable Universal Life is permanent insurance in which the policyholder directs how premiums are invested.

Insurance Needs Assessment: For Empty Nesters and Retirees

Do your insurance needs stay the same when the nest empties?

Earnings for All Seasons

Earnings season can move markets. What is it and why is it important?

View all articles

Bi-Weekly Payments

This calculator estimates the savings from paying a mortgage bi-weekly instead of monthly.

Federal Income Tax

Use this calculator to estimate your income tax liability along with average and marginal tax rates.

Lifetime of Earnings

Estimate how much you have the potential to earn during your working years.

View all calculators

Principles of Preserving Wealth

How federal estate taxes work, plus estate management documents and tactics.

5 Smart Investing Principles

Principles that can help create a portfolio designed to pursue investment goals.

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

View all presentations

It May Be Time for a Financial Checkup

It’s never a bad time to speak with your financial professional about changes in your situation.

Acres of Diamonds

In life it often happens that the answers to our most pressing questions are right in our own backyards.

Questions to Consider When Buying a Vacation Home

Doing your research is key before buying a vacation home.

View all videos