Family owned and operated for more than 20 years, Premier Group Insurance has delivered quality insurance solutions to individuals and families, specializing in commercial and personal insurance coverage.
Our team of experienced insurance professionals are committed to helping clients find a policy that fits their needs. As an insurance broker, we offer insurance coverage from all of the major carriers. We provide personalized attention and quality customer service to create an experience that’s challenging to find in today’s market.
At Premier Group Insurance, we’ll work with you to ensure that you and your business are protected.
Errors & Omissions refer to mistakes, negligence, or discrepancies in a business’s accounting records, which can possibly be interpreted as fraud and lead to legal action. Business owners and executives have several legal and financial responsibilities that accompany their roles, and if they fail to fulfill these responsibilities by inaccurately reporting income, errors and omissions insurance will reimburse a business for problems arising from these fiduciary oversights.
As a business owner, you know how important it is to live up to your promises. Consumer trust is a key part of earning repeat business, which in turn helps to create a stronger, healthier, and more profitable company.
Errors and Omissions claims have been trending higher in recent years, with multi-million dollar lawsuits being filed more frequently than ever before. Accordingly, most businesses need to have appropriate coverage amounts to be sure they’re protected if a large claim is filed.
What E & O Insurance Covers
Policies can vary, but most forms of errors and omissions insurance cover the following. Note that some industries don’t need all of the coverage mentioned below, while others may need additional coverage because of the nature of their operations. Premier Group, LLC agents will help you determine which coverages are best for you.
- Claims and Damages: These are one of the major sources of potential loss that your company faces. E&O protection on claims can reimburse you for any payouts you may have to make as a result of such claims being filed.
- Defense Costs: Whether or not you win a case, your attorney is going to expect payment. E & O insurance can reimburse you for their fees, allowing you to hire professional support without worrying that it will be too expensive for you to afford.
- Employees, Temporary Staff, and Independent Contractors: You may be liable for the actions that anyone associated with your business takes—whether or not they’re an employee. This part of the policy protects you if they make a mistake.
- Negligence: Often considered one of the most important parts of E&O coverage, negligence coverage can reimburse you for problems like making a mistake while giving advice or failing to complete a job. Whatever the cause of the problem, ensuring you’re covered will help protect your business if something goes wrong.
Errors and Omissions Insuracne Policies payouts vary among companies depending on the possible severity of financial mishaps. If you’re not sure how much of a cap your business should have in each category, call one of Premier Group Insurance agents today and ask them for more information. You may need to increase your policy cap as your business grows, and we can help you decide when it’s time to raise the limit.
1. Oxford Reference, s.v. “errors and omissions,” http://www.oxfordreference.com/view/10.1093/oi/authority.20110803095756997?rskey=tDNztO&result=1
2. “Why Consumer Trust Is the Key to Repeat Business.” The Wise Marketer. January 2005. Accessed April 18, 2016. http://www.thewisemarketer.com/features/read.asp?id=54.
3. “Claims Trends.” Insurance Journal News. November 03, 2014. Accessed April 18, 2016. http://www.insurancejournal.com/magazines/features/2014/11/03/345153.htm.