E&O Insurance (Errors and Omissions)

Errors and Omissions Insurance

Everyone makes mistakes from time to time. But when a business or professional individual makes a mistake that causes financial or other harm to a customer, someone has got to step in and defend you or help pay to make your customer financially whole again. This is precisely the value proposition with errors and omissions insurance. Even when the claim against you is groundless, or without merit, the cost of defending against an E&O claims can be significant.

E&O Insurance coverage generally includes legal defense costs for business professionals.

E&O claims are not always predicated on a financial loss; they can also arise from personal injury with regard to libel, slander, or reputational damage. Most errors and omissions policies will provide some coverage for this type of exposure. Common forms of libel or slander include public media misprints, copyright infringement, and oral defamation.

Who Needs E&O Insurance?

Almost all professionals that give expert advice or provide a technical service need errors and omissions insurance coverage. Most people think of E&O as medical malpractice insurance, strictly required by doctors and other medical professionals. However, there are dozens of professions that also need E&O coverage including:

Businesses That Need E&O Insurance:
IT Companies
Mortgage Brokers
Real Estate Agents
Insurance Agents
Financial Services
Marketing Firms
Web Hosting
Event Planners
Software Developers

Simply stated, if you’re in the business of giving advice or providing a professional service for a fee, you probably need errors and omissions insurance.

How Much Does E&O Cost?

Errors and omissions coverage ranges in prices from under $1,000 and up, depending on the risks associated with the business and your gross revenues and payroll. Insurance companies formulate their own rates for coverage as E&O rates are not regulated by any states. Policy language and coverage elements are also entirely up to the insurance company and can add or detract from the value of any E&O policy.

Business owners should consider whether legal defense costs are included with coverage and what the policy deductible and limits of coverage are before choosing a carrier. Unless cost prohibitive, professionals should always choose coverage with defense costs included. It is also important to make sure the policy includes a retroactive date going back to the beginning of your first policy if your coverage is written on a claims made basis.
The cost of E&O insurance coverage is far less than the cost of defending a lawsuit.

Where to Buy E&O Insurance Coverage?

Errors and omissions insurance is a highly specialized insurance coverage and, therefore, not all insurance companies even offer E&O coverage. Similar to BOP Insurance, insurance companies must create customized programs and policies for the various classes of business they choose to cover.

Errors and omissions coverage is well suited for shopping online because many local and regional insurance agencies only have access to a limited number of E&O providers. Consider quoting E&O coverage with an independent agency that offers numerous markets as opposed to a carrier that will only provide one quote for errors and omissions coverage.

Errors and Omissions Insurance Quote

General Liability Shop.com is a national insurance agency specializing in business liability insurance, such as errors and omissions insurance. We offer E&O insurance quotes from a wide variety of insurance companies with unique E&O appetites and programs. Our Specialists are trained to recognize the key features and benefits of each carriers’ policies so we can help business owners find the best price and value on their coverage.

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Why Choose General Liability Shop.com for E&O?

Errors and omissions insurance is only beneficial if it actually covers the appropriate risks associated with your business. Often times, professional business owners find themselves with more generic forms of E&O coverage with too many policy exclusions and vague policy language. Business owners need highly qualified agents who understand what each policy actually offers in terms of coverage and benefits.

Our agents are better qualified to answer questions about errors and omissions, and to compare coverage options and details with business owners. We understand that business owners want great E&O coverage at a lower price. That’s why we constantly monitor and rate our insurance partners in terms of programs, price, and benefits. You get unbiased information and feedback regarding all the top E&O programs available on the market.

A lot of business professionals today manage important data and information about their customers. Data breach coverage may help businesses manage this type of risk.

Learn more about a Data Breech Insurance.