Errors & Omissions

Errors and omissions insurance (E&O) is a type of professional liability insurance, which helps protect professionals from bearing the full cost of defending against a claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the product sold by the agent.

Having E&O insurance is a basic safeguard for your business. It will protect you against potentially catastrophic litigation involving professional negligence or charges of failing to perform professional duties. The minimum E&O coverage you will need is $1,000,000 per claim.

Proof of E&O is required when you are starting the contracting process. A copy of your E&O certificate should be forwarded to the FFS Agent Services Department, before you submit your contracting request. You are required to renew your E&O policy every year and forward a copy to FFS who will in turn forward it on to the required carriers. Some carriers may terminate your contract for lack of current E&O coverage. So make sure FFS always has a current copy of your E&O insurance on file.

You can find more information on E&O requirements, as well as a list of companies you can purchase it from, in your Agent Back Office.