Errors and Omissions—also known as professional liability insurance, professional indemnity or malpractice insurance—keeps you and your company protected from civil lawsuits for negligence, common mistakes, omissions, misrepresentation claims, and other similar claims.
Any company that performs professional services for another party runs the risk that said party will claim their business suffered financially due to a service failure. This opens the door to your business taking the blame for any number of other truly germane causes for the financial losses in question.
Outside parties can file claims of negligence or wrongdoing on the part of your business, and while general liability insurance covers property damage and bodily injury, only E&O insurance covers financial losses. If your product or service performs in a substandard manner, or client services are rendered with an act, error, or omission that results in a claim, E&O once again steps in to provide coverage.
For example, say a customer is unable to log into your client-onboarding SaaS platform for a few days due to a bug. As a result, your customer loses new business opportunities and incurs financial losses for which you are cited as the cause in a claim. General liability insurance doesn’t cover you because no actual damage occurred to any person or property, but E&O insurance protects you from losses incurred due to your customer’s claim.
Based on your needs and budget, we can come up with the most feasible solution.
Within 24 – 48 hours to receive your preliminary quote, fastest turnaround time in the industry.
No matter if you are based in Asia, Europe, or U.S., we can provide seamless solutions across all different markets!
From initial discussion to assisting you with claims, we will be with you on each step of the way!
Email to us info@firstcover.com
Office 450 7th Ave, New York, NY 10123
Phone +1 (888) 866-0270
Time Mon- Fri : 09:00 AM To 06:00 PM
First Cover is committed to providing you with the highest level of service.