Errors & Omissions Insurance Colorado
Errors & Omissions (E&O) insurance is a type of professional liability insurance that covers the cost of claims made against a business because the business failed to protect personally identifiable information. Examples of these claims include construction consultants not disclosing roof problems to clients or failure to file tax returns, which could result in fines and lost income for the client. Similarly, a consultant’s mistakes could cause him to lose a sale or a client’s trust.
Contractors are particularly susceptible to liability, especially those with a long list of clients. They are often forced to take on more work and operate on razor thin margins. While most contractors carry general liability insurance, it’s wise to get E&O insurance to protect themselves from professional liability. The coverage will also protect the client from any costs incurred because of faulty workmanship or installed products.
E&O insurance for contractors is a must-have. It protects your company from wrongful actions and claims made against you for negligence or omissions. The policy covers defense costs in a civil lawsuit, as well as any damages awarded to you. E&O insurance is separate from general liability insurance and protects against the most common claims, such as negligence, misrepresentation, and violation of good faith.
An E&O insurance policy in Colorado covers the costs of defense and damages when you are sued for negligence. Depending on the policy, you can choose to have unlimited defense costs, advertising injury, and supplementary payments included in the coverage. Make sure you read the policy and its endorsements to understand the limits and exclusions. It is also essential to understand the difference between an occurrence policy and a claims-made policy.
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