Professional Liability/Errors & Omissions/Cybersecurity Insurance
Professional Liability Insurance
Professional liability fills coverage gaps for professionals not covered by general liability. This type of insurance is often required by law or contract. It offers protections that cover financial losses suffered by clients or other people because of your error or lack of action.
If you are in business to serve the needs of others by representing them, designing solutions, or offering advice, you would benefit from having professional liability. Examples of such professionals include: real estate agents, property managers, attorneys, accountants, consultants, engineers, and many others.
Errors & Omissions Liability Insurance
Errors and Omissions Liability Insurance, also known as E&O insurance, is a type of insurance policy designed to protect professionals and businesses against claims made by clients or customers who allege that they suffered financial losses as a result of errors or omissions in the professional services provided.
E&O insurance policies typically provide coverage for claims related to negligence, errors, and mistakes made by professionals while providing professional services. This can include claims related to misrepresentation, breach of contract, and failure to perform professional duties.
E&O insurance can be customized to meet the specific needs of a business and may include additional coverage options such as coverage for cyber liability and privacy breaches.
One of the advantages of E&O insurance is that it can help to protect professionals and businesses from the financial damages and reputational harm associated with professional liability claims. Additionally, E&O insurance can help to demonstrate to clients and customers that the professional is committed to providing high-quality services.
It’s important to carefully review the policy and its coverage before purchasing to ensure that it meets the specific needs of your business. Additionally, it’s important to implement best practices in the provision of professional services to help prevent errors and omissions from occurring in the first place
Cybersecurity insurance, also called cyber liability insurance or cyber insurance, is a contract that an entity can purchase to help reduce the financial risks associated with doing business online.
While some cyber insurance policies contain specific provisions for E&O, most providers sell these as separate and distinct policies. E&O insurance does not cover the loss of third-party data, such as customer credit card numbers; customers needing such protection can purchase a cyber insurance policy that covers it.
The loss, compromise or theft of electronic data can have a negative impact on a business, including the loss of customers and revenue. Businesses may be liable for damages stemming from the theft of third-party data. Cyber liability coverage is important to protect businesses against the risk of cyber events, including those associated with terrorism. Cyber-risk coverage can assist in the timely remediation of cyberattacks and incidents.
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