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Errors and Omissions

Universal 1st

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ne of the most difficult parts of a business is knowing where you have exposure. Errors and omissions (E&O) covers your company or you when a client holds you responsible for something you did or failed to do. Indeed, we understand that doctors and other health professionals need E&O, also referred to as malpractice insurance. But financial professionals, accountants, notaries, engineers, architects, web hosting companies and event planners also may benefit from E&O insurance.

If your simple mistakes in a business result in significant financial harm to your client, you could be responsible. Even the best employees make mistakes and on those occasions where it resulted in financial loss to your customer or client; you may be held responsible. Most government and many other businesses require proof of E&O as part of the required insurance coverages.

There is no one-size-fits-all E&O insurance policy. What works for the attorney may not work for the health professional. Each professional will have different exposure depending upon the clients, the nature of their work, their location, and the manner in which they conduct business.

E&O claims can affect every professional. For example, it might seem that the notary’s job would not require E&O, a task that is relatively routine. However, if a notary were to fail to attach the notary seal, neglect to attach the notary public’s date of expirations of appointment, fail to sign the notarized document or omit names and dates, they can be subject to a claim.

Likewise, an architect who fails to include the proper design that is ADA compliant, the attorney who fails to file timely claim all could face malpractice claims.