Every small business faces risks but especially if you offer a service of your expertise. Mistakes do happen and if a customer claims your error caused them a financial loss they can sue. Remember even if you did nothing wrong, you don’t have to be at fault to be sued. This is where professional liability insurance or errors and omissions (E&O) insurance can help. This type of insurance is particularly important to licensed professionals such as accountants, attorneys, insurance agents, architects, engineers and technology companies. Pierson & Fendley Insurance recommends that all professional and technology companies have E&O coverage.

Understanding Professional Liability Insurance

Professional liability insurance protects your small business if you have a client dissatisfied with the work or service you provided. If they decide to sue you over negligence, E&O or professional liability insurance can help cover the cost of a lawsuits over:

• Work errors or oversights

• Undelivered services

• Missed deadlines

• Budget overruns

• Incomplete work

• Breach of contract

• Accusations of negligence

Who Should Have Professional Liability Insurance?

Any business that provides professional services should look into professional liability or errors and omissions coverage even if not required by law in your state. Although not a complete list, here are some examples of businesses that may need this coverage:

• Accountants

• Architects

• Attorneys

• Consultants

• Engineers

• Graphic designers

• Information technology (IT) consultants

• Insurance professionals

• Investment advisors

• Interior Designers/Decorators

• Real estate agents and brokers

• Software developers

To find out more about these, as well as other business insurance products and services, call us and we’ll help make sure you’re properly covered. We have offices in Paris, Bonham (Farm N Home Casualty) and DeKalb Texas ready to assist you. Serving Lamar, Fannin, and Bowie counties and all of Texas.

Other Commercial & Business Insurance Products We Offer

• General Liability Insurance – Broad insurance coverage for your business and activities
• Commercial Property Insurance – Protect your business with insurance for your commercial property
• Business Auto Insurance – Cover your business with insurance for commercial vehicles
• Commercial Umbrella Insurance – Insurance coverage that helps protect your business from the rising costs of lawsuits
• Workers Compensation Insurance – Insurance coverage that helps you take care of your employees
• Bonds - Protect your assets with financial backups for promises made by others