Errors & Omissions insurance
What is E&O insurance?
Errors & Omissions (E&O) insurance, also called professional liability or professional indemnity insurance, can help protect companies when they’re sued by clients who allege their mistakes adversely impacted them. For specialized professionals who have spent years building and nurturing their businesses, even a single lawsuit may cause financial harm.
How an E&O policy can help
Consider these scenarios:
- Failure to perform: A foreign corporation opening a manufacturing facility in the U.S. hired a business consulting firm to provide recommendations about location, suppliers and labor force. After following their advice, the corporation experienced problems and unexpected costs, and sued the consulting firm for negligence. The consultant countersued, blaming the foreign corporation for providing inaccurate information about its proposed facility.
- Failure to perform background checks: A corporation hired an executive search firm to supply a list of candidates to fill its CEO position. After a CEO was chosen, they discovered the individual knew nothing about their business and sued the search firm for negligence.
The risk is ever-present. Even the most consummate professionals can make a mistake, but even unwarranted lawsuits can leave you vulnerable to legal claims that will demand your attention, time and money.
Explore Zurich’s E&O insurance
Zurich’s E&O insurance, also called Professional Liability Insurance, is designed to deliver solutions and peace of mind. We can help cover expenses associated with:
- Defense costs
- Court fees
- Settlements or judgements
- Crisis management
Zurich’s Pro Plus policy brings flexible, effective solutions to the market. We give practitioners in technology, manufacturing and a variety of professional service industries the flexible, effective solutions they need. It also includes cyber coverages that are crucial in today’s digitally focused business environment.
Our expansive offerings and deep knowledge can also help you explore different approaches to E&O coverage through Captives and other alternative structures for a diverse portfolio of often complex risks.
Flexible solutions: Pro Plus is a comprehensive suite of coverages in one program, with a modular format that lets customers choose the solutions they need in one single, efficient policy.
Claims and underwriting advantage: Our Claims specialists include qualified, experienced attorneys dedicated to this space who understand the unique challenges of professional liability issues. Our dedicated E&O underwriters bring extensive knowledge and experience to support our customers.
Global reach: Zurich’s presence in more than 215 countries and territories addresses exposures on an multinational basis and helps provide protection where you do business.
Benefits of Errors & Omissions insurance
Benefits available to Pro Plus customers include:
- Admitted insurance coverage for E&O available in most states
- Duty to defend
- Defense costs for privacy-related regulatory proceedings
- Consumer-redress funds coverage following a privacy breach
In addition, cyber security solutions include the ability to insure professional liability and Security and Privacy (S&P) exposures under a single limit; covered exposures that include business income loss, system failure and social engineering; and risk mitigation solutions from experienced cyber risk specialists dedicated to helping protect your business from ever-evolving cyber threats.
Pro Plus enhanced endorsements can provide an even greater array of protections to qualified customers:
- Alternative dispute-resolution incentives
- Bodily injury/Property damage (BI/PD) carve-back
- Crisis-management coverage
- eDiscovery services
- Pro rata cancellation
- Retention-reduction options
Who needs E&O Insurance?
Our expansive list of targeted classes includes, but is not limited to, technology (computer hardware and software products, and technology service providers); manufacturing (component manufacturers and contract manufacturers), and third-party service providers.
