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Errors & Omissions (E&O) liability insurance in St. John’s, Corner Brook and throughout Newfoundland.
Errors & Omissions liability insurance protects any business that gives advice, makes educated recommendations, designs solutions or represents the needs of others. We’ll design coverage that will ensure that one simple mistake does not cause financial devastation.
Your business may be very successful but in today’s litigious society are you prepared to cover the costs and stress arising from a liability lawsuit? You can protect your business from attorney’s fees, court costs and any liability judgment with an errors and omissions insurance policy. These risks are NOT covered under a typical business liability insurance policy.
If you are in the type of business where you provide professional advice to other people, you may need an Errors and Omissions policy. What type of businesses might need a Newfoundland Errors and Omissions policy?
- Architects and Engineers
- Accountants
- Lawyers
- Medical Professionals
- Surveyors, Appraisers
- Consultants
- Brokers
- Financial Advisors
These are just a few of the professions that may have a professional liability exposure and need an Errors and Omissions policy.
The stress of litigation against you can mentally exhaust you from driving your business. With errors and omissions insurance you can relax, knowing that your court costs and potential liabilities are covered.
Depending on the type of work that you do, Errors and Omissions Insurance can be inexpensive. As the risk associated with the advice that you provide and the potential for loss increases, the cost will increase accordingly. The are many insurance markets that have expertise in providing Errors and Omissions Insurance for your business. Let us find the right insurance market for you.
You may think that you are covered from these risks by your general liability insurance policy but it typically does not cover contract performance, errors or disputes. You need specific errors and omissions insurance to be protected.
Here are two reasons to act now!
- Errors and Omissions insurance needs to be purchased prior to beginning a project or ahead of a product launch. Make sure your next venture is fully protected.
- You can receive a no-risk quote within a day. Simply fill out this short form and we’ll get back to you with an inexpensive policy quote.
Let’s discuss your errors & omissions liability insurance.
One of our insurance advisors will reach out to you to review your information and present you with the appropriate errors & omissions liability insurance solution. There’s no obligation, just good-old-fashioned advice.
What Is Professional Liability Insurance?
Professional liability insurance, often referred to as errors and omissions (E&O) insurance, protects professionals and businesses against claims that their advice, services, or work caused a client financial harm. If a client alleges that a mistake, oversight, or failure to deliver on a promise cost them money, and if that client takes you to court, this coverage handles your legal defence and any settlement, so one dispute doesn’t become a business-ending event.
Professional liability (E&O) is essential for anyone who provides specialized expertise or services for a fee. Common policyholders include consultants, engineers, accountants, IT professionals, real estate agents, insurance brokers, and financial advisors.
Professional Liability vs. Employment Practices Liability — What’s the Difference?
These two types of coverage are often confused because they both address third-party claims against your business — but they protect against very different situations.
Professional Liability (E&O)
Professional liability insurance responds to claims made by clients or external parties who allege that your professional services or advice caused them financial loss. Examples include a management consultant whose strategy led to a costly business decision, a software developer whose code failed and caused significant downtime for a client, or an accountant whose error resulted in tax penalties.
Employment Practices Liability Insurance (EPLI)
EPLI, by contrast, protects your business against claims brought by employees or job applicants — not clients. This coverage applies when a current or former employee alleges wrongful termination, workplace harassment, discrimination, failure to promote, or other employment-related grievances.
The key distinction: professional liability covers claims from those you serve; employment practices liability covers claims from those you employ.
