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Insurance Read Time: 2 min

Errors and Omissions Insurance

Errors and Omissions (E&O) insurance has many names. For some healthcare professionals, it's called malpractice insurance. For lawyers, it may be called professional liability insurance.

Whatever name it goes by, E&O insurance is designed to protect you or your company from potential financial damages that may arise from a client holding you responsible for a service you provided that did not meet an expected or promised outcome. Some E&O policies are designed to protect you from claims of a failure to provide a service. E&O covers risks that your general liability insurance policy probably does not.¹

Most E&O policies cover judgments, settlements, and defense costs associated with any civil suits initiated by a dissatisfied client.

Who Should Consider?

While E&O insurance is commonly associated with professionals such as doctors, lawyers, and financial professionals, anyone in the business of providing a service for a fee should consider obtaining coverage. Whatever your profession, try to imagine your potential liability if the work performed by you or your employees was not properly done.

Most errors and omissions insurance can be structured to meet the specific needs of your business. For example, a wedding planner has a different risk exposure than an accountant, necessitating a different form of coverage.

1. The information in this material is not intended as legal advice. Please consult a legal professional for specific information regarding your individual situation.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

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Check the background of your financial professional on FINRA's BrokerCheck.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Check the background of your financial professional on FINRA's BrokerCheck.

Avantax affiliated financial professionals may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state. Securities offered through Avantax Investment ServicesSM, Member FINRA,SIPC.  Investment advisory services offered through Avantax Advisory ServicesSM, Placing business through Avantax Insurance AgencySM and Avantax Insurance ServicesSM. CA insurance # 0J20148. The Avantax affiliated companies exclusively provide financial products and services, and do not provide or supervise tax or accounting services.  This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.

Content, links, and some material within this website may have been created by a Third Party and was not written or created by a Avantax affiliated advisor. This content is for educational and informational purposes only and does not represent the views and opinions of Avantax Investment ServicesSM or its subsidiaries. Avantax is not responsible for and does not control, adopt, or endorse any content contained on any third party website.