SPECIALISTS IN PROFESSIONAL LIABILITY/ERRORS AND OMISSIONS INSURANCE FOR THIRD PARTY PLAN ADMINISTRATORS

Professional Liability / Errors and Omissions Insurance provides insurance coverage for liability resulting from errors & omissions in performance of professional duties.

What is the coverage?
Protection for your company from claims if your client holds you responsible for errors, or the failure of your work to perform as promised in your contract. Coverage includes legal defense costs--no matter how baseless the allegations. Errors & Omissions Insurance will pay for any resulting judgments against you,including court costs. E&O Insurance coverage extends to both W-2 employees and 1099 subcontractors,and can be worldwide in scope.

When do I need it?
I generally recommend that this coverage be at the foundation of every TPA'S insurance portfolio. Usually it is wise to purchase the coverage the day that you commence your practice.

Why do I need it?
Don't be fooled Professional Liability/Errors & Omissions coverage is not provided by a Commercial General Liability policy. It's like a doctor practicing medicine without Malpractice Insurance. Mistakes happen. Every company messes up at some point.You cannot be everywhere.Very often the owners cannot personally handle every job. You need Professional Liability /Errors & Omissions Insurance.

Most Importantly: This coverage might save you from extreme embarrassment, a lost client, or worst of all, a bad reputation.