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Errors and Omissions Insurance in Logan and Layton, UT

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. The Alivint Group 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 The Alivint Group 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 Locations

Main Location

248 S Main St
Logan, UT 84321
Main office: 435-214-1259
Fax: 435-514-7771

Secondary Location

172 E Promontory, Building J, Suite 275
Farmington, UT 84307
Main office: 801-436-5261
Fax: 435-514-7771

Our Providers

Testimonials

Ben provided great insight and many solutions to what I can do for finding the right health insurance plan for me and my family. It was far easier than I expected especially since I am self employed.

Matthew V
Very friendly and professional environment. The staff was well educated on all things insurance and helped me understand anything I was confused on. 10/10 would recommend

Aaron L
Ken Jensen has been my guy since day one. Takes care of everything and gives me a clear understanding while comparing different plans. 10/10

Tyler S
Very friendly and professional environment. Derek Miller changed and saved my life. I had no experience with insurance and he made the process easy and fulfilling. I would recommend this agency to anyone.

Deehan Jang
Guardian Insurance has changed their name to Alivint Financial & Insurance. They now provide Investment Services and Financial Planning, as well as all kinds of Insurance.

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