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Errors and Omissions Insurance in Albany, CA and surrounding areas

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. Freeman Insurance Services, Inc. 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 Freeman Insurance Services, Inc. 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 Location

Freeman Insurance Services, Inc.

1035 San Pablo Avenue, Ste 1
Albany, CA 94706
Main office: 510-250-3056
Fax: 510-528-2708

Our Providers

Testimonials

I have known Anthony Freeman, his wife, and sons from the early 80's. Well, his sons weren't born then, but I've known them since they were young. Anthony is a very warm and caring person. He is professional in his insurance dealings and provides great service. I started when he first created a disability plan for Acupuncturists, and then have also had insurance through his company for home, office liability, and car insurance. Always a pleasure to work with Anthony and the whole office.

Jay Sordean
This is the best insurance company, very professional experienced staff!

Darcy Lee
Jeff R and Jamel were great! Got me great deals and went out of their way to be helpful. Outstanding service! These people are in the business of helping people!!

Risa K
I have used Freeman insurance for both homeowner's and auto policies. They did their research and found the best rates. Overall great service and super friendly!

Razteria
Keaton at Freeman Insurance has been a huge aid to my business! Any question I have he always has an answer! I'm extremely happy with the service and rates glad I switched over to Freeman Insurance. Highly recommend for business insurance!

Monica K. from Oakley, CA
Anthony, Jamel, and Philip have been an invaluable asset to our company since inception. Their knowledge of the different types of insurance and care for our needs is unmatched. I refer anyone I know looking for business insurance to them. They are simply the best!

Chris M. from Phoenix, AZ
I readily use and refer my clients and other small businesses to Freeman Insurance. Bruce honestly provides quotes, and if there isn't anything better than the current policy, he will tell the prospective client, even if it means he doesn't get a commission. Same with Philip, who provides caring and individualized customer service regarding health and life insurance. Jamel is ambitious, polite, and extremely helpful. I'm confident in the knowledge, competence and integrity Freeman Insurance delivers.

Glicel S. from San Pablo, CA
We have been using freeman insurance for the last five years. They are incredibly helpful with both our business and personal insurance. With all the changes going on they have been so quick to get back to me and provide all the information I need to choose the best plans that fit for us. Bruce, Philip and Jamel are such a pleasure to work with. You won't be disappointed using these guys!

Frank C. from Albany, CA