Call Us Today:
210.585.2860

Errors and Omissions Insurance

Errors and omissions refer to mistakes, negligence, or discrepancies in a business’s accounting records, which can possibly be interpreted as fraud and lead to legal action. Business owners and executives have several legal and financial responsibilities that accompany their roles, and if they fail to fulfill these responsibilities by inaccurately reporting income, errors and omissions insurance will reimburse a business for problems arising from these fiduciary oversights.

As a business owner, you know how important it is to live up to your promises. Consumer trust is a key part of earning repeat business, which in turn helps to create a stronger, healthier, and more profitable company.

Errors and omissions claims have been trending higher in recent years, with multiple‑million dollar lawsuits being filed more frequently than ever before. Accordingly, most businesses need to have appropriate coverage amounts to be sure they're protected if a large claim is filed.

What E&O Insurance Covers

Policies can vary, but most forms of errors and omissions insurance cover the following. Note that some industries don't need all of the coverage mentioned below, while others may need additional coverage because of the nature of their operations. Texas Risk Solutions agents will help you determine which coverages are best for you.

  • Claims and Damages: These are one of the major sources of potential loss that your company faces. E&O protection on claims can reimburse you for any payouts you may have to make as a result of such claims being filed.
  • Defense Costs: Whether or not you win a case, your attorney is going to expect payment. E&O insurance can reimburse you for their fees, allowing you to hire professional support without worrying that it will be too expensive for you to afford.
  • Employees, Temporary Staff, and Independent Contractors: You may be liable for the actions that anyone associated with your business takes—whether or not they're an employee. This part of the policy protects you if they make a mistake.
  • Negligence: Often considered one of the most important parts of E&O coverage, negligence coverage can reimburse you for problems like making a mistake while giving advice or failing to complete a job. Whatever the cause of the problem, ensuring you're covered will help protect your business if something goes wrong.

Errors and omissions policies payouts vary among companies depending on the possible severity of financial mishaps. If you're not sure how much of a cap your business should have in each category, call one of Texas Risk Solutions agents today and ask them for more information. You may need to increase your policy cap as your business grows, and we can help you decide when it's time to raise the limit.

 

1. Oxford Reference, s.v. “errors and omissions,” www.oxfordreference.com/view/10.1093/oi/authority.20110803095756997?rskey=tDNztO&result=1

2. "Why Consumer Trust Is the Key to Repeat Business." The Wise Marketer. January 2005. Accessed April 18, 2016. http://www.thewisemarketer.com/features/read.asp?id=54.

3. "Claims Trends." Insurance Journal News. November 03, 2014. Accessed April 18, 2016. http://www.insurancejournal.com/magazines/features/2014/11/03/345153.htm.

Our Location

Texas Risk Solutions

790 S. Castell Ave
New Braunfels, TX 78130
Main office: 210-585-2860
Fax: 888-794-0361

Office Hours:

Mon: 8:30 AM - 4:30 PM
Tues: 8:30 AM - 4:30 PM
Wed: 8:30 AM - 4:30 PM
Thurs: 8:30 AM - 4:30 PM
Fri: 8:30 AM - 4:30 PM
Sat: Closed
Sun: Closed

Our Providers

Testimonials

TeraVolt Energy (www.tvnrg.com) is a leading developer of commercial and utility scale solar energy projects in Texas, and is a broker of electricity in deregulated areas of Texas. We chose Texas Risk Solutions for our insurance needs, initially, because they fully understood our unique business model and were able to match our operation to the best risk solutions available. We also prefer to deal with companies that meet our high standards for professionalism and integrity. We have stayed with Texas Risk Solutions because we have found them to be all that we expected and more---they are one of the most customer oriented insurance companies I've had the pleasure of working with. I would give them a definite 10+. James A, "Hoss" Boyd, LtCol (Retired) President and CEO TeraVolt Energy Inc
- James "Hoss" Boyd
I want to take a moment to tell you how happy I am with the service you guys provide. I was pretty cynical going into this based on my past experiences. You have not only raised my expectations you have even exceeded those you raised. Your quick responses and optimistic attitude have just been a pleasure to experience. Ashley has been a great asset to me as I can send it and forget it with her; She has been amazing to work with. Last but not least, the Christmas Gift. I have gotten used to a stupid paper calendar from my insurance agents in the past but again you have raised the bar beyond expectation. My wife is now a candied pecan addict and I have you to thank for it. I hope you and your team have a Blessed and Merry Christmas!! I look forward to many years together as we grow. Thanks, Trey King GPS Roof Leak Repair
- Trey King