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Man in warehouseIf you or an employee of your business performs a service for a customer and the customer claims that you or the employee made a mistake, you could find yourself being the defendant in a lawsuit. For this reason, you should protect yourself and your business with errors and omissions insurance, also called E&O insurance. Below are some important questions and the answers about E&O insurance that you should discuss with your independent agent.

What Types of Lawsuits am I Protected From With an E&O Policy?

Types of claims covered by an E&O policy include financial loss or damages due to negligence, misrepresentation, fraud, failure to deliver goods on time or breach of contract. In order to be covered by the E&O policy in the event of a lawsuit, you must have the policy in force at the time the alleged incident took place and at the time the lawsuit is filed.

How am I Covered With an E&O Policy?

If a customer sues you in a court of law, this insurance will pay for your legal fees, court costs and any judgments made against you, up to the coverage limits on your policy. Even if you win the lawsuit, legal wrangling can go on for years and your legal fees could quickly skyrocket and cost thousands of dollars. Without insurance, a lawsuit could potentially bankrupt your business.

Do I Still Need E&O Insurance if I Have a General Liability Policy?

Although a general liability policy is also important to have for your business, it won’t help you with this type of a lawsuit. General liability protects you from a lawsuit if a customer falls and is injured on your property. E&O insurance protects you from being sued because of a service that you or an employee personally performed for a customer.

How Much E&O Coverage Do I Need?

The coverage amount you’ll need will depend on several factors. These include the size, your location and the type of business you operate. Your employee turnover and the number of employees you have working for you also play a part in determining your coverage requirements. Contact your independent insurance agent today to inquire about the amount of E&O coverage you need for your business.

We’ll help you find the right coverage. Call us at (415) 512-2100 for more information on San Francisco business insurance.

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