What are the basic coverages provided by standard office insurance package policies?

  • Fire and theft coverage on office equipment and inventory.
  • Trip & fall and lawsuit coverage, in the event someone claims that something you did caused them to become injured.
  • Lots of other related benefits, often utilized by small businesses. Two examples are:
    • Certificates Of Insurance
    • Additional Insured Endorsements

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What is Errors & Omissions Insurance?

Errors and omissions insurance is coverage that protects those people that give advice, make educated recommendations, design solutions or represent the needs of others. "E & O" is also referred to as Professional Liability or Malpractice Insurance. The original name, Errors and Omissions came from "doing something they shouldn't have done (an error) or not doing something they should have done (an omission)".

Who Needs E&O?

Today, many business trades and professions require the coverage. Teachers, consultants, software developers, ad copywriters, web page designers, placement services, ISP’s, telecommunications carriers, inspectors, realtors, insurance brokers, lawyers, doctors and just about everyone else.

What is the difference between E&O coverage and General Liability coverage?

General Liability is intended to cover physical injury to people or physical damage to things (your product causes physical injury to the user of your product or your client trips over your foot and breaks their face).

E & O is intended to protect you, the consultant or designer, in the event your client alleges that something you did on their behalf was done incorrectly, which resulted in some kind of financial loss or business interruption to your client. Contracts can help to limit your real liability, but the big expense in this kind of claim is the legal defense to prove your true liability or innocence. E & O policies are designed to cover many of these defense costs and ultimately the final settlement if you do not prevail.

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3rd Party Fidelity Bonds REMEMBER: Always refer to your policy and review all papers carefully to be aware of any limitations or exclusions which may apply. Remember, ALL policies contain certain limitations and exclusions, a policy is nothing more than a contract between you and an insurance company. Consult your policy and ask your Agent, just to be certain that you are clear on issues which may effect you.

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What is the coverage for terrorism and Acts of War?

Question: Are "acts of War" covered by normal home and business insurance?

Answer: No, such acts are normally excluded due to the catastrophic nature of war risks. "Catastrophic" risks are those that are so severe that a major occurrence could threaten the solvency of insurance companies.

Question: Are "terrorism acts" considered "acts of war"?

Answer: Usually not. The courts have generally held that "war" can only be conducted between sovereign governments. Acts by a radical political group, without the vestige of sovereignty, can be expected to be covered, but difficulty in identifying the responsible party could complicate coverage issues.

 

Question: If "warlike actions by a military force" are excluded by many policies, does this mean that actions by guerilla groups are excluded?

Answer: Not necessarily, but the answer may require a thorough investigation into the background of the particular group. If the group was not acting on behalf of a sovereign authority, coverage would probably apply.

 

Question: What long-term effects might result from terrorist attacks in the United States?

Answer: That remains to be seen, however, if insurance companies expect future acts to occur they may seek specific exclusions on certain kinds of policies.

 

Question: Will this mean my homeowners premium will go up, or a terrorist exclusion will be added?

Answer: Probably not. The acts of Sept. 11, 2001, were against major landmarks known to be possible targets for terrorists. It would be inappropriate for insurance companies to assume average homes and properties would be terrorist targets.

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