What are an Errors and Omissions Insurance Policy?

Axis Insurance Agency

Sometimes called professional liability or professional indemnity insurance, errors and omissions coverage is a specific type of liability coverage offered by Axis Insurance Agency. Errors and omissions coverage are designed to protect professional service-providing and advice-providing individuals from the costs resulting from a legal claim of alleged negligence.

How Do an Errors and Omissions Policy Differ from Other Types of Professional Liability Coverage?

While there are many types of professional liability coverage available at Axis Insurance Agency, errors and omissions coverage protects against specific types of exposures that other policies may not. For example, many professional liability policies protect against claims of:

  • Bodily injury.
  • Personal injury.
  • Property damage.
  • Claims resulting from alleged advertising injury.

Errors and omissions coverage, in contrast, may protect specifically against claims resulting from allegations of:

  • Violation of good faith.
  • Violation of fair dealing.
  • Misrepresentation.
  • General negligence.

What Types of Professions May Benefit from Errors and Omissions Coverage?

While many professionals may benefit from carrying an errors and omissions policy, it is especially recommended for legal and medical professionals. In fact, errors and omissions coverage is required by law in some states for specific kinds of professions. Other professionals and types of business that may benefit include:

  • Architects.
  • Engineers.
  • Real estate professionals.
  • Financial Institutions.
  • Insurance professionals.

Axis Insurance Agency can work with you and your business to build a customized policy that is suited to your needs and your specific exposures. Don’t neglect appropriate errors and omissions coverage for yourself or your business.