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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. For contractors, architects, and engineers, this coverage is essential to mitigate financial risk and protect your hard-earned reputation.
E&O insurance covers claims of professional negligence, design errors, bad advice, or project delays caused by your services. It covers legal defense costs, settlements, and judgments arising from those claims, ensuring your business survives a lawsuit.
Errors and Omissions Insurance is required for many professionals including:
Accountants, Engineers, Architects, Management Consultants
Insurance Agents, Financial Planners, Investment Advisors
Lawyers and Legal Professionals
Graphic, Web, Interior Designers
Sole Proprietors, Partnerships, and Corporations
It is important to know the difference between policies. General liability covers physical accidents (like a visitor tripping on site or accidental property damage). Errors and omissions insurance covers financial losses. If your blueprint has a flaw that delays the project and costs the client money, E&O steps in. Here’s a breakdown of what E&O insurance typically covers:
Failure to exercise reasonable care in services
Mistakes or inaccuracies in professional work
Failure to complete a required task or provide necessary information
Failure to meet contractual obligations
Giving false or misleading information
Trade/Profession: Higher-risk roles like structural engineering or major commercial contracting typically face higher premiums.
Project Type
Coverage
Per month
Per Year
Small Businesses & Freelancers
Medium-Sized Businesses
High-Risk & Large Businesses
Higher-risk professions like legal, financial, or healthcare typically face higher premiums.
Insurance costs can vary by state or region.
Larger businesses with more revenue generally pay more for E&O insurance.
Businesses with a history of E&O claims may face higher premiums.
Higher coverage limits lead to higher premiums.
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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In the construction and real estate industries, they are generally the same thing. Both terms refer to insurance that protects your business against claims of negligence, mistakes, or failure to perform professional duties.
While it is not always legally required by the state, many clients, project owners, and municipal boards require contractors and architects to carry E&O insurance before they can bid on or begin a project.
No, E&O insurance specifically covers financial losses resulting from your professional advice or services. Bodily injury and physical property damage are covered by your General Liability insurance policy.
The average errors and omissions insurance cost for small contractors ranges from $350 to $1,200 per year. Mid-to-large-sized firms can expect to pay between $1,200 and $6,000 annually, depending on their risk exposure, revenue, and coverage limits.
