ERRORS & OMISSIONS INSURANCE
Understanding the exposure and preventing the claims

Is your business protected from losses resulting from errors and omissions or negligence?

Errors and Omissions insurance (also widely known as Professional Liability) provides protection in the event you commit a negligent act or make an error or omission in your profession.  Errors and Omissions is a basic safeguard for your business, and protect against potentially costly litigation involving professional negligence or charges of failing to perform professional duties.

Commercial General Liability vs. Errors and Omission

The Commercial General Liability coverage (Hyper link) provides financial protection for your business in case it is ever sued or held legally responsible for incidents of bodily injuries and/or property damage. Commercial General Liability does not provide coverage for contract performance disputes, programming errors or any other professional liability issues.  Typically, a general liability policy does not cover consequential financial loss, and generally exclude claims arising out of professional services.  Errors & Omission Insurance addresses these potential liability exposures filling the gaps in your existing general liability policy.

Errors and Omission coverage can make the difference!  It’s the cost-effective way to protect your business. 

The Technology age Vs  Errors and Omission

Errors and Omission insurance is especially necessary in the new technology age where the law is still being formed.  From software giants to software consultants writing programs or servicing computers out of their residences are equally at risk for errors and omissions liability exposure.   Errors and omissions insurance protects against the financial effects of potentially costly litigation.

The risk of legal assessments cause by programming or such mistakes makes errors and omissions insurance an absolute necessity in technology related business, even it seems less risky.  Errors and omissions insurance coverage provides legal defense, as well as financial coverage in the event of a judgment   against you.

We, at JayFernando Financial, believe that the Errors and Omission coverage should be at the foundation of every professional company’s insurance portfolio.  Call 408-244-1316

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“Wait! Have you thought of what happens if the unthinkable occurs? Waiting for something to happen is waiting until it is too late, and even costly.”
-Jayal Fernando