{"id":14896,"date":"2023-03-29T11:02:48","date_gmt":"2023-03-29T15:02:48","guid":{"rendered":"https:\/\/multi-risques.com\/assurances\/errors-and-omissions-insurance\/"},"modified":"2025-10-22T10:24:41","modified_gmt":"2025-10-22T14:24:41","slug":"errors-and-omissions-insurance","status":"publish","type":"page","link":"https:\/\/multi-risques.com\/en\/business\/products-and-solutions-business\/errors-and-omissions-insurance\/","title":{"rendered":"Errors and omissions insurance"},"content":{"rendered":"\n
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Other business services<\/a><\/div>\n\n

Errors and omissions insurance<\/h1>\n\n\n

Humans make mistakes!<\/p>\n\n\n\n

No business is safe from lawsuits or claims, whether or not they are justified. Fortunately, their financial consequences can be limited with the help of errors and omissions insurance. <\/p>\n\n\n\n

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What is errors and omissions insurance?<\/h2>\n\n\n\n

Also known as professional liability insurance, this insurance compensates you for financial losses in the event of a claim, compensation or lawsuit from a client, patient or user who believes they have suffered harm due to error or negligence (whether justified or not) committed by your company.<\/p>\n\n\n\n

Companies can be blamed for various types of wrongdoing that can lead to a request for compensation: failing to accomplish set tasks, providing incorrect advice, failing to achieve performance targets, violating a contract or a professional obligation, etc.<\/p>\n\n\n\n

Errors and omissions insurance protects the policyholder from the financial consequences that may be incurred as a result of an error, omission, negligence or malpractice committed by themselves or a member of their team. In the event of legal proceedings, the insurer shall cover the costs of defending the insured professional, as well as any damages and interest that the professional is legally required to pay. <\/p>\n\n\n\n

Be sure not to confuse errors and omissions insurance or professional liability insurance with general liability insurance!<\/p>\n\n\n\n

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Who should purchase errors and omissions insurance?<\/h2>\n\n\n\n

Although it is not mandatory, this insurance is required by certain professions in order to comply with industry standards, local government regulations, or professional associations. In addition, more and more clients also want their suppliers to have this coverage. <\/p>\n\n\n\n

Beyond these essentials, any company that provides professional services or advises clients should consider this insurance, since no one is safe from an unhappy customer!<\/p>\n\n\n\n

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Here is a non-exhaustive list of trades and fields that could benefit from this type of insurance:<\/h2>\n\n\n\n

Note that you can tailor your coverage to your field, even if it is a niche industry. Thus, the concept of insurable “professional services” can be defined in your contract. <\/p>\n\n\n\n

Endorsements, i.e., certain warranty extensions, can also be added to further enhance and customize this insurance policy. It is also important to note that insured trades and fields, as well as exclusions and deductible amounts, vary considerably from one insurance company to another. That’s why it’s important to get good advice! <\/p>\n\n\n\n

In order to ensure that you are properly covered by E&O insurance, speak with an independent insurance broker. They will use their expertise to conduct an in-depth analysis of your company\u2019s situation, advise you on the right coverage and work with insurance companies to find the right insurance for your needs, at the best possible price. <\/p>\n\n\n\n

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Professionals<\/h3>\n\n<\/div>\n\t
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