Error & Omissions Liability Insurance
Error & Omissions Liability Insurance
Error & Omissions Liability Insurance
Protect Your Business from Costly Mistakes
Protect Your Business from Costly Mistakes
Protect Your Business from Costly Mistakes
Get comprehensive coverage in minutes to safeguard your company from claims arising from professional errors, omissions, or negligence.
Get comprehensive coverage in minutes to safeguard your company from claims arising from professional errors, omissions, or negligence.
Get comprehensive coverage in minutes to safeguard your company from claims arising from professional errors, omissions, or negligence.
Trusted by over 500 top clients, from startups to industry leaders
Trusted by over 500 top clients, from startups to industry leaders
What is E&O Insurance?
What is E&O Insurance?
What is E&O Insurance?
Errors & Omissions (E&O) Insurance, also known as Professional Liability Insurance, protects your business from claims of negligence, errors, or omissions in the services you provide. Whether you're a consultant, a tech startup, or a financial advisor, E&O insurance covers legal fees, settlements, and judgments, ensuring that one mistake doesn't jeopardize your business.
Errors & Omissions (E&O) Insurance, also known as Professional Liability Insurance, protects your business from claims of negligence, errors, or omissions in the services you provide. Whether you're a consultant, a tech startup, or a financial advisor, E&O insurance covers legal fees, settlements, and judgments, ensuring that one mistake doesn't jeopardize your business.
Why take E&O Insurance?
Why take E&O Insurance?
Why take E&O Insurance?
Protection Against Professional Mistakes
Protection Against Professional Mistakes
E&O insurance provides essential coverage for claims of negligence, errors, or omissions that could arise from your professional services. It protects your business from the financial burden of legal defense costs and potential settlements.
Client Contract Requirements
Client Contract Requirements
Many clients, especially in industries like finance, technology, and consulting, require proof of E&O insurance before entering into contracts. This coverage ensures you meet contractual obligations and maintain trust with your clients.
Industry-Specific Risks
Industry-Specific Risks
Different industries face unique risks. Reco's E&O policies are tailored to address these specific challenges, offering comprehensive coverage that aligns with the risks inherent in your field, from tech errors to financial advisory mistakes.
Protection Against Professional Mistakes
E&O insurance provides essential coverage for claims of negligence, errors, or omissions that could arise from your professional services. It protects your business from the financial burden of legal defense costs and potential settlements.
Client Contract Requirements
Many clients, especially in industries like finance, technology, and consulting, require proof of E&O insurance before entering into contracts. This coverage ensures you meet contractual obligations and maintain trust with your clients.
Industry-Specific Risks
Different industries face unique risks. Reco's E&O policies are tailored to address these specific challenges, offering comprehensive coverage that aligns with the risks inherent in your field, from tech errors to financial advisory mistakes.
What is the process to take E&O Insurance
What is the process to take E&O Insurance
What is the process to take E&O Insurance
1
1
Consultation
Consultation
Reco’s experts will help you identify the right D&O policy that suits your needs.
Reco’s experts will help you identify the right D&O policy that suits your needs.
Reco’s experts will help you identify the right D&O policy that suits your needs.
2
2
Quotation
Quotation
Obtain and compare quotes from multiple insurers to find the best coverage at the most competitive price.
Obtain and compare quotes from multiple insurers to find the best coverage at the most competitive price.
Obtain and compare quotes from multiple insurers to find the best coverage at the most competitive price.
3
3
Policy Issuance
Policy Issuance
Once underwritten, the insurer will issue the policy, and coverage begins upon payment of the premium.
Once underwritten, the insurer will issue the policy, and coverage begins upon payment of the premium.
Once underwritten, the insurer will issue the policy, and coverage begins upon payment of the premium.
How much coverage should I take for E&O Insurance?
How much coverage should I take for E&O Insurance?
How much coverage should I take for E&O Insurance?
Small Businesses
Coverage: ₹2 crore to ₹10 crore
Small businesses and startups need coverage between ₹2 crore and ₹10 crore to protect against initial risks in client services, particularly in fields like consulting and IT.
Small Businesses
Coverage: ₹2 crore to ₹10 crore
Small businesses and startups need coverage between ₹2 crore and ₹10 crore to protect against initial risks in client services, particularly in fields like consulting and IT.
Mid-Sized Companies
Coverage: ₹10 crore to ₹50 crore
As your business expands, so do your risks. Coverage between ₹10 crore and ₹50 crore ensures your company is protected against larger claims that could arise from high-profile clients or larger projects.
Mid-Sized Companies
Coverage: ₹10 crore to ₹50 crore
As your business expands, so do your risks. Coverage between ₹10 crore and ₹50 crore ensures your company is protected against larger claims that could arise from high-profile clients or larger projects.
Large Enterprises
Coverage: ₹50 crore to ₹100 crore+
For large enterprises with complex operations and high-value contracts, substantial coverage of ₹50 crore to ₹100 crore or more is essential to manage the risk of significant claims that could impact your bottom line.
Large Enterprises
Coverage: ₹50 crore to ₹100 crore+
For large enterprises with complex operations and high-value contracts, substantial coverage of ₹50 crore to ₹100 crore or more is essential to manage the risk of significant claims that could impact your bottom line.
What is not covered under E&O Insurance?
Intentional wrongdoing or fraud
Bodily injury or property damage (covered under Commercial General Liability)
Cybersecurity incidents (covered under Cyber Liability Insurance)
Claims made against Directors & Officers of the company (covered under D&O insurance)
What is not covered under E&O Insurance?
Intentional wrongdoing or fraud
Bodily injury or property damage (covered under Commercial General Liability)
Cybersecurity incidents (covered under Cyber Liability Insurance)
Claims made against Directors & Officers of the company (covered under D&O insurance)
What is covered under E&O Insurance?
What is covered under E&O Insurance?
Legal defense costs
Settlements and judgments
Claims of negligence
Professional errors and omissions
Breach of contract claims
Misrepresentation or failure to deliver services
What is not covered under E&O Insurance?
Intentional wrongdoing or fraud
Bodily injury or property damage (covered under Commercial General Liability)
Cybersecurity incidents (covered under Cyber Liability Insurance)
Claims made against Directors & Officers of the company (covered under D&O insurance)
What is covered under E&O Insurance?
Legal defense costs
Settlements and judgments
Claims of negligence
Professional errors and omissions
Breach of contract claims
Misrepresentation or failure to deliver services
Who can sue your business E&O claims?
Clients, for errors or omissions in services provided
Vendors, for contractual breaches or negligence
Partners, for disputes over project outcomes or responsibilities
Regulators, for non-compliance with industry standards
Who can sue your business E&O claims?
Clients, for errors or omissions in services provided
Vendors, for contractual breaches or negligence
Partners, for disputes over project outcomes or responsibilities
Regulators, for non-compliance with industry standards
Who can sue your business E&O claims?
Clients, for errors or omissions in services provided
Vendors, for contractual breaches or negligence
Partners, for disputes over project outcomes or responsibilities
Regulators, for non-compliance with industry standards
Errors & Omissions Claims Examples
Errors & Omissions Claims Examples
Errors & Omissions Claims Examples
Faulty Software Update
What happened?
A global technology giant sued a cybersecurity provider after an incorrect software update led to a critical system shutdown for the technology giant’s clients, causing significant business interruption and financial losses.
How claim was paid?
The E&O insurance covered the legal defense costs and the settlement amount to compensate the cybersecurity provider for the disruption and damages incurred.
Faulty Software Update
What happened?
A global technology giant sued a cybersecurity provider after an incorrect software update led to a critical system shutdown for the technology giant’s clients, causing significant business interruption and financial losses.
How claim was paid?
The E&O insurance covered the legal defense costs and the settlement amount to compensate the cybersecurity provider for the disruption and damages incurred.
Mis-selling of Financial Products
What happened?
A financial advisory firm was sued by clients after they were misled into investing in high-risk products that did not match their risk profiles, leading to significant financial losses.
How claim was paid?
The E&O insurance covered the legal defense costs and the settlements paid to the affected clients, protecting the firm from substantial financial liabilities.
Mis-selling of Financial Products
What happened?
A financial advisory firm was sued by clients after they were misled into investing in high-risk products that did not match their risk profiles, leading to significant financial losses.
How claim was paid?
The E&O insurance covered the legal defense costs and the settlements paid to the affected clients, protecting the firm from substantial financial liabilities.
Diagnostic Error Leading to Incorrect Treatment
What happened?
A hospital faced a lawsuit after a diagnostic error resulted in a patient receiving incorrect treatment, leading to further health complications and unnecessary procedures.
How claim was paid?
The E&O insurance covered the legal defense costs and the settlement paid to the patient’s family, shielding the hospital and medical staff from the financial impact of the negligence claim.
Diagnostic Error Leading to Incorrect Treatment
What happened?
A hospital faced a lawsuit after a diagnostic error resulted in a patient receiving incorrect treatment, leading to further health complications and unnecessary procedures.
How claim was paid?
The E&O insurance covered the legal defense costs and the settlement paid to the patient’s family, shielding the hospital and medical staff from the financial impact of the negligence claim.
Diagnostic Error Leading to Incorrect Treatment
What happened?
A hospital faced a lawsuit after a diagnostic error resulted in a patient receiving incorrect treatment, leading to further health complications and unnecessary procedures.
How claim was paid?
The E&O insurance covered the legal defense costs and the settlement paid to the patient’s family, shielding the hospital and medical staff from the financial impact of the negligence claim.
Why Take E&O Insurance from Reco?
Why Take E&O Insurance from Reco?
Why Take E&O Insurance from Reco?
Comprehensive Coverage
Reco offers tailored policy terms and coverage designed specifically for your industry, ensuring you have the protection you need.
Comprehensive Coverage
Reco offers tailored policy terms and coverage designed specifically for your industry, ensuring you have the protection you need.
Lowest Rates
With experience serving over 500 large clients, Reco has secured pre-negotiated, competitive rates from top insurers, giving you the best value.
Lowest Rates
With experience serving over 500 large clients, Reco has secured pre-negotiated, competitive rates from top insurers, giving you the best value.
Fast Process
As a tech-enabled broker, Reco has streamlined the purchase process, minimizing the information required and delivering you quotes within a few hours.
Fast Process
As a tech-enabled broker, Reco has streamlined the purchase process, minimizing the information required and delivering you quotes within a few hours.
Single Place for All Insurance
Reco helps you consolidate all your business insurance needs in one place, saving you time and leading to lower rates for you. As part of the Nova Benefits group, which specializes in employee benefits insurance, you’ll have the option to take employee benefits insurance (health, term, accident) through us, helping you manage high-volume claims where employee satisfaction is a top priority.
Single Place for All Insurance
Reco helps you consolidate all your business insurance needs in one place, saving you time and leading to lower rates for you. As part of the Nova Benefits group, which specializes in employee benefits insurance, you’ll have the option to take employee benefits insurance (health, term, accident) through us, helping you manage high-volume claims where employee satisfaction is a top priority.
Single Place for All Insurance
Reco helps you consolidate all your business insurance needs in one place, saving you time and leading to lower rates for you. As part of the Nova Benefits group, which specializes in employee benefits insurance, you’ll have the option to take employee benefits insurance (health, term, accident) through us, helping you manage high-volume claims where employee satisfaction is a top priority.
Frequently Asked Questions
Frequently Asked Questions
How do I know how much E&O coverage I need?
How do I know how much E&O coverage I need?
What is retroactive coverage in E&O insurance?
What is retroactive coverage in E&O insurance?
Can E&O insurance cover past claims?
Can E&O insurance cover past claims?
Does E&O insurance cover breach of contract claims?
Does E&O insurance cover breach of contract claims?
How is the cost of E&O insurance determined?
How is the cost of E&O insurance determined?
Is E&O insurance mandatory?
Is E&O insurance mandatory?
What’s the difference between E&O and General Liability insurance?
What’s the difference between E&O and General Liability insurance?
Does E&O insurance cover intentional wrongdoing?
Does E&O insurance cover intentional wrongdoing?
Who needs E&O insurance?
Who needs E&O insurance?
What is E&O insurance?
What is E&O insurance?
Frequently Asked Questions
How do I know how much E&O coverage I need?
What is retroactive coverage in E&O insurance?
Can E&O insurance cover past claims?
Does E&O insurance cover breach of contract claims?
How is the cost of E&O insurance determined?
Is E&O insurance mandatory?
What’s the difference between E&O and General Liability insurance?
Does E&O insurance cover intentional wrongdoing?
Who needs E&O insurance?
What is E&O insurance?