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
Professionals: Accountants, engineers, architects, management consultants
Financial Advisors: Insurance agents, financial planners, investment advisors
Attorneys: Lawyers and legal professionals
Designers: Graphic, web, interior designers
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:
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:
- Small Businesses & Freelancers: $45 to $100 per month & $350 to $1,200 per year. Coverage typically ranges from $250,000 to $1 million.
- Medium-Sized Businesses: $100 to $500 per month & $1,200 to $6,000 per year. Coverage typically ranges from $1 million to $5 million range.
- High-Risk Industries & Large Businesses: $1,000 to $1,500+ per month & + per year. Coverage typically exceeds $5 million.
Factors Affecting E&O Insurance Costs
Industry: Higher-risk professions like legal, financial, or healthcare typically face higher premiums.
Location: Insurance costs can vary by state or region.
Business Size: Larger businesses with more revenue generally pay more for E&O insurance.
Claims History Businesses with a history of E&O claims may face higher premiums.
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:
- Knowledgeable, licensed insurance agents
- Same-day coverage in most instances
- Coverage from A-rated insurance companies
- Ability to offer policies nationwide
- The lowest price for the best Insurance coverage in the industry
