Errors & Omissions Insurance

ERRORS & OMISSIONS INSURANCE

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ERRORS & OMISSIONS INSURANCE?

Errors and omissions (E&O) insurance, or professional liability insurance, protects businesses and professionals from lawsuits due to mistakes, negligence or omissions in their services. This is the way to mitigate financial risk and save your reputation.

What is Errors & Omissions Insurance?

E&O insurance covers claims of negligence, errors, bad advice or omissions in professional services. It covers legal costs, settlements and judgments arising from those claims, so you are protected in case of a lawsuit.

WHO NEEDS E&O INSURANCE?

Errors and Omissions Insurance is required for many professionals including:

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Professionals

Accountants, Engineers, Architects, Management Consultants

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Financial Advisors

Insurance Agents, Financial Planners, Investment Advisors

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Attorneys

Lawyers and Legal Professionals

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Designers

Graphic, Web, Interior Designers

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Business Owners

Sole Proprietors, Partnerships, and Corporations

ERRORS & OMISSIONS INSURANCE COVERAGE

E&O insurance covers a variety of risks related to professional services. Here’s a breakdown of what E&O insurance typically covers:
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Negligence

Failure to exercise reasonable care in services

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Errors

Mistakes or inaccuracies in professional work

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Omissions

Failure to complete a required task or provide necessary information

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Breach of Contract

Failure to meet contractual obligations

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Misrepresentation

Giving false or misleading information

WHO SHOULD CONSIDER ERRORS & OMISSIONS?

OCIPs are generally most beneficial for large construction projects or companies with large budgets. Typically, project owners in the following sectors should consider OCIPs:
Average Costs

Project Type

Coverage

Per month

Per Year

Small Businesses & Freelancers

$250,000 to $1 million
$45 to $100
$350 to $1,200

Medium-Sized Businesses

$1 million to $5 million
$100 to $500
$1,200 to $6,000

High-Risk & Large Businesses

Over $5 million
$1,000 to $1,500+
$12,000 to $18,000+

FACTORS AFFECTING E&O INSURANCE COSTS

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Industry

Higher-risk professions like legal, financial, or healthcare typically face higher premiums.

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Location

Insurance costs can vary by state or region.

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Business Size

Larger businesses with more revenue generally pay more for E&O insurance.

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Claims History

Businesses with a history of E&O claims may face higher premiums.

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Coverage Limits

Higher coverage limits lead to higher premiums.

GET ERRORS & OMISSIONS INSURANCE QUOTES

If you want to get an exact cost for Errors & Omissions Insurance, we encourage you to get quotes now from our experienced agents.

Our experienced agents are well versed in professional coverage. After understanding your situation, our agents can usually reduce policy prices through additional discounts of 10% to 15% from the instant quotes you receive.

We provide the finest comprehensive plans for your business by providing:

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