Mistakes happen! When completing professional services protect your business and protect your employees. Errors and Omission insurance, or E & O, is designed to provide liability protection to professionals connected in the completion of professional services. Some Florida E&O insurance policies provide additional coverages, such as unlimited defense costs, personal and advertising injury, and supplementary payments.
Florida E&O Insurance
Policy language differs between policies, but common exclusions include:
- Bodily injury and property damage – covered under CGL
- Claims between two parties covered under the same policy
- Dishonest, criminal, fraudulent or malicious acts
- Bankruptcy or insolvency of any party
- Liability of others assumed under contract
- Warranties, guarantees, cost estimates, or breach of contract
- Infringement of copyright, trademark, patent, or trade secret
Claims Made Policy
In Florida, policies typically are made on a claims made form. A claims made policy covers claims during the policy period, as long as the claim was incurred after the retroactive date. The retroactive date is usually set as the first day of coverage of the initial claims made policy as long as there is no gap in coverage. if the professional does not renew the claims made policy and a claim is subsequently reported, no coverage will be available even if the claim was incurred while a policy was in effect. A tail endorsement is available to protect workers who are retired or are no longer working.