Errors & Omissions

Even with the best-trained employees and implementation of Best Practices protocols and procedures, mistakes can happen. These can open a business to claims involving an error or omission during the course of work that caused a client either significant financial loss or, even worse, a serious injury. With a sound errors & omissions (E&O) policy, you can protect yourself and your firm against these types of allegations and claims and a number of potentially crippling costs that can result.

Tri-State Insurance Agency provides E&O insurance for professionals in a wide range of industries, including real estate, architects and engineers, design/build contractors, attorneys, accountants, and many others. Errors can include mistakes on forms, failure to place bids, miscommunications, and faulty designs, among others. Your policy will also cover omissions, such as a failure to inform or neglect of duty.

The benefits of an E&O policy.

A commercial general liability policy typically specifically excludes coverage for professional services, which is why errors and omissions resulting in injuries to others or damage to their property or business typically must be covered under an E&O policy or paid out of pocket. An errors and omissions liability policy will cover legal expenses, damage awards and settlements out of court up to the limits set in the policy. Some insurers offer “first-dollar defense,” in which your legal bills are covered from the very beginning of a claim. Some policies can also be designed to provide coverage when an individual retires. We can discuss a number of options with you, including prior-acts coverage and extended reporting period coverage.

It’s also important to note that just as each profession differs in the services it provides so do their exposures. Therefore, the type of policy crafted should reflect that of each profession. At Tri-State, we have the expertise to secure the right policy for your specific profession and needs.

One mistake can change the financial course of your company. Protect yourself with Tri-State.

Tri-State Insurance Agency provides a comprehensive business insurance portfolio for companies throughout Pennsylvania, northern New Jersey and New York. Give our professionals a call toll-free at 888.990.0526, email us or fill out and send the form on this page for a free consultation and quote.