Risk & Business Magazine Knight Archer Insurance Spring 2016 | Page 7

R
& Errors and Omissions Insurance
B A Cost-Effective Approach to Protecting Your Business
BY: KNIGHT ARCHER COMMERCIAL INSURANCE

I

t’s a good news, bad news situation. The
bad news: Lawsuits, once a measure
of last resort, are now commonplace in
settling disputes. The good news? You can
protect yourself, and your business and
reputation, by investing in professional
liability coverage, also known as Errors
and Omissions (E&O) insurance.
E&O insurance is supplementary liability
insurance that enhances any business
owner’s policy by safeguarding against
catastrophic loss in the event of a lawsuit
due to a negligent act, error or omission
by the professional. In addition to claims
of error, omission, or negligence, E&O
insurance can also protect against slander,
libel and breach of contract.

Who Needs E&O Coverage?
It is appropriate coverage for anyone
who gives advice, m Z