Film Emporium offers cheap rates on quality coverage for your E&O Insurance. Errors and omissions insurance, also called professional liability insurance, protects you if a client claims that your services caused them to suffer a financial loss.
Many professional service companies choose to purchase E&O insurance policies, which are typically issued in increments of $1 million and have per-claim deductibles ranging from $1,000 to $25,000.
Some insurance companies are reluctant to issue professional liability policies, while others specialize in policies for specific professions. However, we have access to multiple insurance carriers and work with a wide range of small business professionals. This allows us to find E&O insurance coverage that is not only comprehensive, but fits the budget of small and mid-sized businesses.
It is important to note that almost all professional liability insurance policies are sold on a “claims-made” basis. This means that the insurance only covers work performed while the policy is in force, and for claims actually filed during the term of the policy. If you cancel your E&O insurance policy without arranging for an extended reporting period, coverage would end, and any claims submitted after the cancellation would not be covered, even though the work was performed while the policy was in effect.
It is also important to know that there are exclusions in every errors and omissions insurance policy. Before you purchase this type of policy, you will want to think about the most dangerous threats and professional risks for your business and look for a policy that covers those specific risks. Feel free to contact us or fill out our online application to receive a quote on a professional liability insurance policy that fits your needs.