Errors and Omissions Insurance shields your law firm from claims of offering incomplete, unprofessional, or inadequate services to clients that led to a monetary loss.
Disgruntled clients who lose money in a trial or other legal undertaking can blame their misfortunes on your actions and decide to sue. E&O Insurance coverage will protect your firm from the resulting costs.
When working with a client, not everything transpires as planned. Some clients may blame your firm for the loss and sue for monetary damages. This is where an Errors and Omissions Insurance Texas cover comes in. The policy will protect your practice against court cases and potential settlements up to specific limits.
Legal disputes can be expensive. Even when they are solved quickly, you could end up paying several thousand or even hundreds of thousands of dollars in costs. The costs can quickly add up and threaten your firm’s financial standing.
An Errors and Omissions Insurance Texas policy can help to pay for legal expenses related to a claim, such as:
• Negligence. This is the most important part of E&O insurance coverage. The policy can reimburse you for problems such as failing to complete a job or a mistake when giving advice.
• Employees, Independent Contractors, & Temporary Staff. Your law firm may be held liable for the actions of its direct or indirect employees. E&O insurance will cover you for any mistake made by your temporary staff, independent contractors, or employees.
• Defense costs. Whether or not you win a case, there are various fees you will have to pay. The policy can reimburse you for the fees.
• Claims and damages. Disgruntled clients can sue your firm for claims and damages. A Texas Errors and Omissions Insurance policy provides cover against claims and can reimburse you for payout claims.
The exact E&O coverage you should purchase would depend on the risk profile of your firm. There are specific risks that may not be covered by E&O insurance policies. Moreover, the deductible levels may vary from company to company.
Contact us at 727-799-4321 or 727-799-9840 to save up to 40% of your professional liability insurance.