Errors & omissions insurance
A retroactive date defines how far back in time a loss can occur for your policy to cover your claim. If a claim happens prior to your retroactive date, your policy won’t provide benefits. It’s a feature of claims-made professional liability or errors and omissions insurance.
Professional liability insurance is defined as a form of insurance that can help pay for legal expenses when clients claim something you did – or didn’t do – hurt them financially.
Errors and omissions (E&O) insurance is a form of insurance that covers business mistakes or undelivered services that caused financial harm to a customer.
A claims-made policy provides benefits only if you file a claim while it’s active. If you cancel your policy and then report a claim, you’ll have no insurance coverage.
Technology errors and omissions insurance and cyber liability insurance both cover data breaches. The type of coverage your business needs depends on whether a cyberattack could damage your company, your clients, or both.
Find out how commercial insurance policies differ and which ones will benefit your business.