E&O / Professional liability insurance
Prior acts coverage, also known as nose coverage, offers protection from events that occurred before your existing policy was purchased, up to a particular retroactive date.
Business insurance is designed to protect your company against insurable risk, or the likelihood of a loss. But it's important to understand that even the most comprehensive insurance policies don't cover every type of risk.
An expiration date is the day your insurance policy lapses. Your insurance coverage will typically end at midnight on your policy's expiration date.
Want your insurer in your corner? A duty to defend policy makes it an insurer's obligation to provide legal defense for a lawsuit, instead of just compensating you for the claim.
A claims-made policy is a type of insurance that only covers claims while it's active. If a client lets their claims-made policy lapse before reporting an incident, the insurer won't recognize the claim.
A claimant is a person or business entity that files a claim to receive payment for a specific loss under the terms of an insurance policy.
An ACORD certificate of liability insurance is a document that provides a summary of your business insurance policy and proves you have liability insurance coverage.
The aggregate limit is the maximum amount your insurance company will pay for all covered claims filed during your policy period.
Errors and omissions insurance (E&O) is your business's best defense against accusations of mistakes or oversights.
Technology errors and omissions insurance (tech E&O) covers providers of technology products or services when they are accused of negligence, mistakes, or oversights. It also covers data breaches that affect a tech business's or client's operations.
Working as an independent contractor can be an attractive option for professionals in the IT, media, consulting, and other sectors. But the rewards of being your own boss come with risks. Consider E&O insurance to protect yourself from claims of negligence, work mistakes, missed deadlines, and more.
Before purchasing errors and omissions insurance (E&O), consider factors such as premium pricing, insurance company ratings, and policy limits.
An errors and omissions disclaimer can limit your liability in certain situations, which can help you manage the risks of working with clients. But while some disclaimers really do reduce risk, others won’t hold up in court.
Large client contracts often require high errors and omissions insurance limits. But can you raise or lower your limits when you land a big contract, or if you're working on smaller projects? Here’s the lowdown on adjusting your errors and omissions policy limit.
Clients might ask to see your errors and omissions insurance certificate, a document that serves as proof of insurance. You can access this certificate as soon as you buy an E&O policy, also called professional liability insurance.
