We specialize in Errors and Omissions Insurance E&O for professional organizations including insurance for commercial and residential real estate firms, insurance agents and brokers, property managers, insurance agents, medical groups, third party administrators, accountants and other professional organizations. Our Errors and Omissions insurance programs are customized to each client and focus on professional liability risks of each client.
Axis Insurance Services is a licensed insurance agency located in Franklin Lakes, New Jersey with licensed insurance agents currently in most states. We offer professional liability programs in the areas of errors and omissions insurance (E&O), Directors and Officers liability insurance (D&O), Crime and Fiduciary products for today’s professional service firms.
Errors and Omissions Insurance helps protect our professional service firm clients from claims relating to an error or omission (mistake) in providing professional services that can lead to a lawsuit. An error or omission can occur on almost any transaction. It doesn’t matter how long you have been in business or how good you are. All Professional Service Firms are at risk. Our E&O insurance programs help provide protection for the busy professional from the liability associated with such errors, mistakes or omissions.
Errors and Omissions Insurance may be referred as any of the following:
What is Errors and Omissions Insurance?
Errors and Omissions Insurance protects a professional from claims relating to an error or omission in providing professional services that can lead to a lawsuit. An error or omission can occur on almost any transaction. Our insurance programs provide protection for the busy professional from the liability associated with such errors, mistakes or omissions.
Errors and Omissions Insurance may be referred as any of the following:
Why Do I need Errors and Omissions Insurance?
Any professional can be sued for an error or omission. Even the most diligent professional can be held liable or be sued for a professional error, omission or mistake. Errors and omissions insurance helps protect a professional both for claims relating to mistakes and claims relating to allegations of errors or omissions. Defense costs are a significant portion of the cost of an errors and omissions insurance policy. It is not uncommon for a professional to spend thousands of dollars on defense costs for a matter that ultimately gets dismissed.
Who is Eligible for Errors and Omissions Insurance?
Any professional can purchase errors and omissions liability insurance. A list of the types of real estate professionals covered is as follows:
How Much Does E&O Cost?
Relative to the coverage provided, E&O insurance is not that expensive. Premiums for E&O insurance are based primarily on revenues, the type of professional service provided, number or professionals providing the service and the company's loss history. E&O insurance costs vary by industry, by state and by carrier. Different errors and omissions insurance carriers are more competitive in some states than others. Our job is to locate the right E&O insurance carrier for you at the right price.
How do I get an insurance policy for errors and omissions?
Its simple and easy. You need to fill out a simple application for E&O insurance which typically will ask for information such as name and address, type of business, revenues and something about your business. The underwriter needs to understand what they are insuring. An application may also require financial statements or management Bio's depending upon your industry or company size. You can call our office at 201-847-9175 and we can have a licensed agent speak with you about your errors and omissions insurance needs or you can email us at info@axisins.com and request an application. Some applications are on our site here.
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In California and Texas as NJ Axis Insurance Services, LLC. In New York
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