E&O / Professional liability insurance
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.
The average premium cost for professional liability insurance (also called errors and omissions insurance) is about $60 per month. Your industry and the scope of your services affect the exact cost of this policy.
The average premium for errors and omissions insurance (E&O, also called professional liability insurance) is about $60 per month. Your exact cost will depend on several factors, including your industry and policy limits.
Both general liability and professional liability are types of liability insurance that cover the business risks faced by small technology and IT businesses. They differ in the types of liabilities they insure against.
Technology errors and omissions insurance (tech E&O) and cyber insurance are two forms of protection against cyberattacks for small businesses. While tech E&O focuses on cybersecurity errors that harm your clients, cyber insurance offers financial coverage for breaches that directly affect your business.
Both professional liability insurance and errors and omissions (E&O) insurance offer financial protection from client lawsuits over unsatisfactory work. They’re essentially the same types of coverage for mistakes in professional services.
Commercial insurance protects businesses, freelancers, and independent contractors against liability lawsuits, property damage, cyberattacks, and other risks that could devastate your company.
Also known as errors and omissions insurance, professional liability insurance protects your company from client lawsuits over missed deadlines, mistakes, or negligence – regardless of whether you’re at fault.
