Errors and Omissions Coverage
Errors and Omissions Insurance provides insurance coverage for lawsuits that are a result of the rendering of professional services. We work with our clients in helping them analyze the E&O Insurance coverages most suitable for them. Depending upon the industry, state, size and history of the company, any number of professional liability options are available. We maintain strong relationships with many carriers that can custom tailor a program for your organization. We have brokers on staff that are licensed in 45 states and have relationships with brokers in the remaining states.
Many E&O policies are issued on a Miscellaneous Professional Liability (MPL) form and require significant changes to reflect a company’s specific business practices. Without these changes, many policies are simply inadequate to cover the day to day risks of running a business. Common exclusions include medical management, accounting or actuarial services, merger and acquisition services. For a standard business that may be sufficient, however, for a medical group to have medical management excluded from their policy would provide no coverage for their actual day to day activities. Until there is a claim, these gaps in coverage go un noticed. We analyze the policies specific to each company and provide a reasonable solution for each client. For example, we recently were retained by an accounting firm. After a review of their policy, we determined that their policy specifically excluded accounting services. We were able to keep them with the same company, however, we renegotiated their policy to include the proper coverages for their business.