Have you ever forgotten to renew your errors and omissions (E&O) insurance? Well, you may have created a ticking time bomb: an E&O coverage lapse.

But now there’s help. EOforLess.com has launched a free, automated E&O insurance renewal reminder that can prevent an uncovered E&O claim from destroying your business.

The problem is most E&O insurance policies are written on a “claims made and reported” basis. This means they cover claims that are “reported” during the current policy period even if acts or omissions giving rise to the claim happened in the past.

In other words, as long as you maintain continuous coverage (i.e., with no lapses), insurers cover claims that are made against you during the policy period, even if the original event happened when you were insured elsewhere. But watch out. If you lapse your coverage, and have not previously reported the circumstances, then no insurer will be responsible for claims that arose before and during the lapse. Result: you will be completely uninsured for past acts, which can destroy your business should you get sued down the road.

The solution: keep your E&O policy in force at all costs. How? By signing up for the free E&O email reminder. Go here and provide your first name, renewal date, and e-mail. We will send you an automatic reminder to pay your premium on time.

So don’t let a costly E&O claim destroy your practice. Sign up for the e-mail reminder today so that you’ll have E&O insurance when you need it most.