What is a commercial crime insurance policy?

Commercial crime insurance is a type of policy that provides coverage and protection to businesses against financial losses resulting from various criminal acts. This policy safeguards businesses from risks such as theft, fraud, embezzlement, forgery, cybercrime, employee dishonesty, and other illicit activities committed by employees or third parties.

Errors and Omissions insurance for your business

Why do you need Errors and Omissions Insurance?

Financial Protection

Covers legal costs and settlements related to professional mistakes, omissions, or negligence.

Safeguard Reputation

Shields your reputation from the damage of costly lawsuits or client claims.

Client Confidence

Demonstrates professionalism and reliability, increasing client trust.

Defend Against False Claims

Protects you even if the claims against you are baseless.

Risk Management

Helps mitigate the risks associated with providing professional services.

Customizable for Your Business

Tailored coverage for specific industry risks and needs.

Talk to an expert

What Does E&O Insurance Cover?

Professional Mistakes

Legal fees associated with defending against claims.

Legal Costs

Legal fees associated with defending against claims.

Client Claims

Clients claim financial damages due to your services.

Settlement Costs

Costs to settle disputes before they go to court.

Contract Breaches

Coverage for unintentional breaches of contract.

Negligent Acts

Protection against claims due to negligent professional actions.

Defamation

Coverage for claims of libel or slander arising from your services.

Misrepresentation

Protection from claims of misleading information provided to clients.

Wrongful Advice

Coverage for financial losses caused by incorrect professional advice.

Document Handling Errors

Coverage for errors in the handling or storing of client documents.

I am ready to secure my company’s future, what do I do now?

All you have to do is schedule a call with us. We’ll take it from there.

Cover my risks

🤙 Talk to our Business Insurance expert.

🤝 Help our experts understand your business challenges and needs

🧩 We’ll get back to you with the best recommendations.

🙌 You finalize the plan that best suits you.

🌟 That’s it. You are now secured!

FAQs About Errors and Omissions Insurance

What is Errors and Omissions Insurance?

Errors and Omissions (E&O) Insurance, or Professional Liability Insurance, protects businesses from claims of negligence or mistakes. It covers legal fees, settlements, and damages, excluding bodily injury, property damage, or intentional misconduct. Safeguard your business from financial losses due to professional errors.

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What’s Not Covered by E&O Insurance?

Common E&O policy exclusions include:

Employment-Related Claims: No coverage for wrongful termination or discrimination.
Fraud or Criminal Acts: Losses resulting from fraud or criminal activities are not covered.
Worker Injuries: Injuries to employees are excluded.
Intellectual Property Violations: No coverage for patent infringement or other IP violations.
Data Breaches: Damages from data breaches are not included.

Sensitive Data Theft: Theft of sensitive data is not covered.

What is the cost of Errors and Omissions Insurance?

E&O insurance balances cost with coverage. Higher coverage generally costs more. Compare both the per occurrence limit (maximum payout per claim) and the aggregate limit (total payout). For instance, a policy might cover $250,000 per claim and $1 million overall.

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What’s Not Covered by E&O Insurance?

Common E&O policy exclusions include:

Employment-Related Claims: No coverage for wrongful termination or discrimination.
Fraud or Criminal Acts: Losses resulting from fraud or criminal activities are not covered.
Worker Injuries: Injuries to employees are excluded.
Intellectual Property Violations: No coverage for patent infringement or other IP violations.
Data Breaches: Damages from data breaches are not included.
Sensitive Data Theft: Theft of sensitive data is not covered.

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Who Needs E&O Insurance?

Service-oriented professionals, such as financial planners, healthcare providers, and media experts, need E&O insurance to mitigate service-related liabilities.

Professional Services Coverage:

E&O insurance protects employees, business owners, and subcontractors. Key professionals include:some text
- Management, business, or technology consultants
- Lawyers, notaries, and legal consultants
- Accountants, financial planners, and investment advisors
- Real estate agents, property managers, and appraisers
- Healthcare providers, including doctors and nurses, who may require malpractice insurance

Technology and IT Professionals: Covers software developers, IT consultants, and tech providers for claims involving software errors, data breaches, or system failures.

Insurance Agents/Brokers: These professionals need E&O coverage for added protection.

Media and Advertising: Writers and agencies need E&O insurance for libel and copyright claims.

Contractors and Trades: HVAC installers, electricians, and plumbers may require E&O insurance for faulty workmanship.

Education Professionals: E&O insurance is recommended for those in education and training.

Real Estate Experts: Agents, managers, appraisers, architects, and engineers might need E&O insurance.

Pro Tip: In these professions, maintain transparency and open communication with clients about project progress and issues. This builds trust and helps prevent misunderstandings that could lead to claims.