Errors & Omissions Insurance

Protection for companies in the financial sector

In the case of a financial service provider, the company itself, the company management, and individual employees are particularly exposed to liability risks. If a third party suffers financial loss due to a breach of duty when providing services, this must always be compensated in full. Liability can arise from negligence or mere omission. In addition to violations of general civil law obligations, violations of obligations under the Securities Trading Act can also trigger a liability case. As a rule, the company is not only liable for its own misconduct, but also for the mistakes of its employees.

What is E&O insurance and why do I need it?

Our E&O insurance provides protection for the insured company, its subsidiaries and the insured employees. Insured employees are all current, former and future employees who have an employment relationship with the insured company. The insured employees also include the members of the managing bodies (including interim managers), the supervisory bodies and managing limited partners and their deputies, insofar as they carry out insured activities.

As an insured activity, the company's range of services is expressly included in the insurance contract. This means that the insurance cover is individually tailored to the company's activities. The concept of insured activities is broadly defined and also extends to activities that only serve to support the insured activity.

The protection

Hendricks E&O Insurance provides coverage for the insured company, its subsidiaries and their respective employees. The scope of coverage is individually adapted to the company's activities. Standard coverage is also provided for newly added subsidiaries.

The definition of insured activity is broad and includes support activities. In addition, a one-year late registration period is usually granted without affecting the premium.