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Professional
Liability - Errors and Omissions
Errors and
omissions insurance, generally when seen on a professional
liability policy, is an insurance that protects the insured
(which may be your or your business) against liability for
committing an error or omission in performance of professional
duties. Generally these policies are designed to protect again
claims for financial loss to a third party instead of bodily
injury and property damage. Make sure that you
understand the difference between Professional Liability
policies and contigent bodily injury and property damage
coverage (sometimes referred to as an errors and omissions
extension, or by another name).
Errors and
Omissions insurance / Professional Liability are often excluded
from general liability policies.
As risks are
often increasing in the world, you may find that both vendors
and clients are requiring you to have both general liability
insurance and E&O insurance to do business with them.
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General
Liability Insurance
General liability
insurance is designed to protect you in the event of a claim for
bodily injury or property damage to a third party. Other
coverages may including claims from damage arising out of
premises, products, operations, completed operations, and
personal and advertising injury.
Be careful when
comparing quotes to make sure that the general liability policy
for which you are applying is not a "premises only" policy and
that products and completed operations are not excluded, unless
that is what you are seeking.
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