626-914-3800
  

Errors and Omissions Insurance

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. Bethany Insurance Agency 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 Bethany Insurance Agency 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.

Bethany Insurance Agency

801 S Grand Ave, Ste A

P.O. Box 490 Glendora, CA 91740

Main office: 626-986-0071
Fax: 626-914-3888

Office Hours:

Mon: 8:30 AM - 5:30 PM
Tues: 8:30 AM - 5:30 PM
Wed: 8:30 AM - 5:30 PM
Thurs: 8:30 AM - 5:30 PM
Fri: 8:30 AM - 5:30 PM
Sat: By Appointment
Sun: Closed

Our Providers

Testimonials

Michael, Daniel and the rest of the staff are great to work with. By far the best insurance agents my office has ever had the pleasure of working with. There customer service is second to none and their rates are very competitive. I couldn't ask for anything more. These guys really are the best. I would recommend giving them a call.
Sam from Costa Mesa
We have had our insurance business with Bethany Insurance for a number of years and always receive awesome service. On our last renewal, Mike S helped us save even more while keeping our same coverage. I highly recommend Bethany Insurance and have several family members doing business with them. Thank you Mike and Bethany Insurance.
A M. from Glendora
These guys are awesome! I was referred to Daniel through one of my closest friends. Daniel initially started my car insurance quote when I was fed up with my last agency. Everyone here is super friendly. Someone is always available to take my call. When Daniel wasn't around to help, Chris was able to assist. All of them are super knowledgeable and helped me switch services easily. I called and emailed Chris a lot to get all my paperwork handled. I'm surprised they didn't refuse my business. Jk. They were so helpful that I switched my bros' and dad's insurance policies to them too. Definitely happy they helped. They made the process super easy.
Amy P. from Santa Ana
I'm a mortgage broker and I need a place to refer all my clients, and Michael Shehata has been my number 1 guy. I tell my clients they can shop around and look for the best deal, but I already have. I refer everyone to Mike at Bethany and he never disappoints to beat anyone's rates and service. I would recommend him to all my friends and family as well. Thank You Bethany!
Andrew Y. from Anaheim
I dont go to yelp and post reviews unless it is 5 or 1. I was given a Home Insurance quote for $500 by some other agency initially and Michael from Bethany reviewed it with me to inform that it had minimal coverage. And they also helped me get a quote when Mercury rejected it due to fire hazard issues. Helping me evaluate or smoothen the process is the best value Bethany provides. I will refer Bethany to as many as ​I ​ can.
Leela Krishna K. from Cerritos