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A type of specialised liability protection against damages not covered by conventional liability insurance is E&O insurance. It shields you and your company from liability if a client files a lawsuit over careless actions, mistakes, or omissions made while conducting business that cause a monetary loss.
Mistakes and omissions insurance coverage varies from company to company and is drafted to account for typical exposures and inherent hazards unique to certain industries of business. Even if accusations are discovered to be unfounded, legal costs and other associated costs can quickly deplete a company’s cash reserves, putting it in a difficult financial situation.
The majority of mistakes and omissions insurance policies include coverage for verdicts, legal expenses, court costs, and settlements up to the policy’s limitations. Some incidents that cause a customer to lose money may have happened years ago, but the error only becomes evident when a court summons shows up in the mail.
When that happens, the policy’s retroactive date becomes crucial. The policy offers more protection and coverage the further back its retroactive date. If your business involves offering clients a service in exchange for payment, you must have errors and omissions insurance. Printers and construction trades contractors, including electricians, plumbers, HVAC installers, and sheet metal workers, are often covered by our E&O insurance.
The Global Errors and Omissions Insurance Market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2023 to 2030.
Koop Technologies, an insurance technology firm that specialises in robotics and autonomous vehicle risks, has introduced an industry-first Robotics General Liability and Errors & Omissions insurance package.
The additional coverage is intended at manufacturers, operators, and service providers of robots and off-road autonomous vehicles from a variety of sectors. Using a unique risk assessment process created by Koop Technologies, it offers customised ratings.
The product is now offered for sale and distribution to retail brokers and robotics customers on the Singularity Platform, which Koop Technologies first unveiled earlier this year. The product introduction heralds the beginning of “automation as a class,” a Koop Technologies-initiated category that combines on- and off-road automation use cases constrained by risk parameters defined by hardware and software.
