Errors & Omissions

If you own a business that  provides professional services to clients, then errors and omissions insurance is something you should consider. While you strive to provide your customers and clients with the best service possible, there is always a chance of disagreements occurring, or accusations of work not being fully performed. Unfortunately, these situations can sometimes lead to costly lawsuits, even if your company did not make a mistake. Errors and omissions insurance gives your company protection for these types of claims.

Errors and omissions insurance may cover:

  • Negligence (alleged or actual)
  • Defense costs
  • Temporary employees or contractors
  • Personal injury such as libel or slander
  • Copyright infringement
  • Claims from services you provided in the past

Errors & Omissions Statistics

  • 1/7 professionals will encounter an errors and omissions lawsuit
  • 80% of all errors and omissions claims involve an allegation of misrepresentation or negligence
  • The average cost of a settled errors and omissions claim is $18,000

Who Is Errors & Omissions Insurance For?

If you offer any type of professional service to clients, then you may benefit from errors and omissions coverage. Below is a list of some of the most common professions that this coverage is available for. Credo 1 Solutions will be able to help determine if it’s a viable option for you.

  • Doctors
  • Dentists
  • Medical specialists
  • Lawyers
  • Insurance agents
  • Beauticians
  • Financial planners
  • Accountants
  • Realtors
  • Stock brokers
  • Trustees
  • Contractor
  • Photographer

When you provide professional advice to clients, there is some risk of facing an errors and omissions claim. Some examples of cases where errors and omissions insurance may be helpful are:

  • A doctor fails to make an important diagnosis of a patient’s illness
  • An accountant makes an error on a client’s tax return, and results in a financial penalty
  • A company makes a misleading claim or statement on their website that causes a customer to make a poor decision

If your company provides a professional service (contracting, photography, consulting, etc.) or regularly gives professional advice, then call Credo 1 Solutions today at (703) 803-8191 to learn more about how errors and omissions insurance can benefit you in Burke, Springfield, and surrounding areas of Northern Virginia.