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Errors and omissions insurance

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What is errors and omissions insurance?

Errors and omissions insurance is commonly used to describe the coverage offered under a professional liability insurance policy. It indemnifies professionals in the event of mistakes or negligence occurred while rendering their services. These oversights can result in legal liabilities. Errors and omissions (E&O) insurance is available in various types such as ‘Professional Indemnity Policy for Doctors and Medical Practitioners’, ‘Professional Indemnity Insurance for Chartered Accountants’ and ‘Directors and Officers Liability Insurance’. It’s useful for professional service providers as it gives them coverage for defence costs along with other benefits.

Why purchase errors and omissions insurance?

Mistakes can happen, even when you’re careful. Maybe you forget a detail, miss a deadline or give advice that doesn’t work. The aggrieved party may seek compensation. This is where errors and omissions insurance can aid you. Purchasing it helps you get:

Professional liability protection

E&O insurance covers claims arising from errors, omissions, or negligence in professional services that can result in litigations. These litigations can hit your finances hard.

Legal defence coverage

Errors and omissions help pay for legal costs related to defending claims, including investigations and settlements, as per the policy’s terms and conditions.

Peace of mind

Errors and omissions insurance offers peace of mind. It safeguards you and your organisation from liabilities arising from inadvertent mistakes made while rendering your services.

What’s covered and not covered under E&O insurance?

  • Inclusions
  • Exclusions

The inclusions under E&O insurance include:

  • Protection for various potential risks exposed in the form of any actual or alleged breach of trust, breach of fiduciary duty, misrepresentation, etc

  • Defence costs, including fees for investigation, defence, settlement, and legal representation

  • Loss of the company arising from a wrongful act

Read the policy wordings carefully to know the inclusions in detail.

There are occasions when errors and omissions insurance will not provide coverage. These include:

  • Criminal acts or acts committed in violation of any law or ordinance
  • Services rendered under the influence of intoxicants or narcotics
  • Crime, fraud and personal conduct
  • Third-party public liability
  • Deliberate non-compliance with any statutory provision
  • War or hostilities
  • Personal injury suits related to defamation, libel, slander, wrongful detention, mental anguish, etc
  • Nuclear risks, including ionising radiation, radioactive contamination, and genetic injuries from radiological treatments

Read the policy wordings carefully to know the exclusions in detail.

Who can purchase errors and omissions insurance policy?

The following individuals can purchase E&O insurance:

  • Doctors and medical practitioners

    They can use E&O insurance to protect against claims related to misdiagnosis, treatment errors or negligence.

  • Chartered accountants

    They may face claims for financial misstatements or errors in auditing, which E&O insurance can help cover.

  • Lawyers

    They can benefit from E&O insurance in case a client sues them for incorrect legal advice or missed deadlines.

  • Engineers and architects

    They are protected against claims of design flaws, miscalculations or project delays with E&O insurance.

  • Software developers and tech service

    These providers can use E&O insurance to handle claims for bugs, failed implementations and data loss.

  • Advertising and media professionals

    They can buy it to remain covered against claims involving misleading content or missed deliverables.

  • Consultants and financial planners

    They can rely on E&O insurance if a client claims their advice led to financial loss or poor decisions.

Errors and omissions insurance claim process

To make a claim from errors and omissions insurance:

  • Notify us immediately regarding your claim
  • Fill up the claim form with all the details, including material documents
  • We’ll go through the claims form and the submitted documents
  • We may appoint a surveyor to assess your claims
  • We’ll pay your claim based on the surveyor’s report and as per the policy’s terms and conditions

Errors and omissions insurance articles

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20 Aug, 2024
Top 10 Benefits of Liability Insurance Coverage for Small Businesses

A crucial part of risk management for small businesses is liability insurance protection. It protects against financial losses arising from legal claims, lawsuits or other obligations. The fine print and the value of liability insurance can help your small business grow. By purchasing a good liability insurance policy, you're prepared for the unexpected and you build your business's future - and a trustworthy image with customers and partners.

06 Aug, 2024
Step-by-Step Guide to Filing a Professional Liability Insurance Claim

Professional liability insurance is a type of insurance that covers experts, entrepreneurs, and consultants. It compensates the insured if a customer/client files a lawsuit due to an actual or claimed error or wrong advice. This insurance covers the insured's professional liability and compensates him/her against legal action. Thus, everyone who delivers a fee-based service to clients should avail of this insurance. It is also known as "errors and omissions insurance" and covers legal bills, settlements, and judgments up to the Limit of Indemnity (i.e., sum insured).

20 Aug, 2024

Frequently asked questions

Does E&O insurance cover intentional misconduct?

No, it only covers unintentional errors. Fraud, criminal acts, and deliberate wrongdoing are excluded.

Is E&O insurance only for large companies?

Not at all. Small businesses, freelancers and independent consultants can also benefit from E&O insurance too.

How is E&O insurance different from general liability insurance?

General liability covers physical damages or injuries. E&O insurance covers mistakes in the services you provide.

How much does E&O insurance cost?

The cost depends on various factors. These include your industry, business size, coverage amount and claim history.

How long should I keep E&O insurance?

You can keep it as long as you’re offering professional services. You can even keep this insurance even a few years after you stop to cover late claims.

Disclaimer: The information provided on this page is only an indication of the coverage offered. For complete details on risk factors, terms, conditions, coverages and exclusions, kindly refer the policy wordings carefully before concluding a sale.

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