Errors & omissions insurance

According to state law, businesses in Florida that experience a breach of personal information must notify affected residents within 30 days of its discovery. Failure to report a breach can result in expensive fines.

Under Georgia state law, businesses must notify residents about security breaches that expose their personal information. The notices can be written or electronic, and must be submitted as soon as possible after discovery of the breach.

According to state law, businesses in New York that experience a breach of private information must notify any affected residents, or face significant fines. They must also report the breach to several New York state offices.

According to state law, businesses in New Jersey that experience a breach of personal information must notify affected residents, or face significant fines. They must also report the breach to New Jersey state offices.

Under state law, a business that believes a California resident’s personally identifiable information (PII) was acquired by an unauthorized person must notify the affected person, and possibly state officials as well. Failure to comply can result in lawsuits and fines.

If a dissatisfied client sues your business over a work mistake, errors and omissions (E&O) insurance can cover your legal expenses, including the cost of a settlement or judgment.

Errors and omissions insurance covers the costs of legal disputes over professional mistakes. However, not every business needs it. Review answers to common questions about E&O policies.