Errors and Omissions Insurance

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Find The Best Errors And Omissions Insurance

Errors and omissions happen from time to time. No one is perfect. Whether you offer products or services, consult, or give advice, errors can happen. When they do, you need errors and omissions insurance to protect your business.

At ThinkInsure, we can help you find the right errors and omissions policy. We’ll compare quotes from the top insurers in Canada to find the best rates and coverage. Speak with an advisor today and make sure you are protected.

What Is Errors And Omissions Insurance?

Errors and omissions insurance provides financial protection when claims and lawsuits are made against you for negligence. It protects your business when it is sued because of errors made by you, your company, or your employees.

It protects businesses from liability exposure. The type of liability exposure depends on your profession and the type of work you do. Errors and omissions insurance has many other names, including :

E&O insurance
Errors and omissions liability insurance
Malpractice insurance
Professional liability insurance

Types Errors And Omissions In Insurance

Errors and omissions can happen in many different ways. They include :

Advice that caused a financial loss
Alleged or actual negligence
Claims from services provided
Damages caused from advice of services rendered
Personal injury such as slander or libel
Marketing and advertising mistakes
Copyright infringement

For example, a client follows your advice for how to operate. They do not get the desired results and suffer a financial loss. They may sue you to recover lost revenue.

What Is An Errors And Omissions Insurance Policy?

An E&O policy outlines :

The type of liabilities you have protection against
Your limits
How much protection you have if you cause damage or face a lawsuit

The details of your policy are commonly specific to your industry and the products and services you offer.

Why Do I Need Errors And Omissions Insurance?

All professionals have exposure to a certain level of risk. No one is perfect. Mistakes happen from time to time. Sometimes, these mistakes can cause a financial loss or damage to your commerce partners and customers.

E&O insurance protects you when you or your employees make mistakes. It also offers financial protection when false or disputed allegations are made against you. Without this, you would be financial liable in a lawsuit.

How To Get An Errors and Omissions Insurance Quote

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What Is The Cost Of Errors And Omissions Insurance?

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The average cost for errors and omissions insurance ranges. It can start as low as $250 annually and up. Expect to pay anywhere from $50 to hundreds per month. It is largely based on the type of business you operate. Factors include:

Company size
Industry
Location
Legal standing
History of lawsuits matter
How your people are trained
Annual revenue
Your legal documentation

These can all play a role in determining costs. Review your options to find out how much insurance is for your specific situation.

Errors & Omissions Insurance FAQs

What Does Errors And Omissions Insurance Cover?

It provides you with protection against a variety of liabilities that could severely impact your operations. It allows you to work without the fear of facing a lawsuit or financial damages due to a mistake.

While the type and scope of coverage can vary, most policies cover :

Poor advice : Offering bad, misleading, or incorrect advice.
Negligence : Making an error while providing a service.
Libel and slander : Negatively impacting a client’s reputation.
Loss of documentation/materials : Losing a client’s documents, products, raw materials.
Misrepresentation : Unknowingly providing data or information that is incorrect or misleading.
Legal fees : E&O insurance includes legal fees and helps pay for lawsuits, lawyer fees, court costs, settlements, and judgements.

Polices can also cover mistakes made by employees, breach of duty, and contractual liabilities.

What Is Not Covered By E&O Insurance?

There are certain actions that are omitted from E&O policies, including:

Fraud
Criminal acts
Blatant dishonesty
Price estimates and guarantees
Incorrect project estimates or projections

Who Is Errors and Omissions Insurance For?

This insurance is for any business offering advice or services. Whether you are a home-based business, SMB, freelancer, or large enterprise, E&O can help.

Should I Have Both Professional Liability Or Errors And Omissions Insurance?

No. In most cases, you will require one or the other. Professional liability insurance and E&O insurance offer similar types of coverage. The term insurer’s use for this type of coverage can vary. Speak with your insurance expert to ensure you are getting what you need.

What’s The Difference Between Errors And Omissions And Professional Indemnity Insurance?

Errors and omissions insurance and professional indemnity (PI) insurance are interchangeable terms. They are essentially the same. They protect you from lawsuit costs when a customer believes you have acted in error. Or they believe you made a mistake when providing advice.

How Much Errors And Omissions Insurance Should You Get?

It depends on your business structure and many other factors. Most policies start with $1 million in coverage and go up from there. Speak with your insurer about your needs to determine plan limits.

Does Errors and Omissions Insurance Cover Breach Of Contract?

It depends on the parameters of your policy. You may or may not have protection. Check with your insurer before you choose an E&O policy.

Tips To Prevent E&O Insurance Claims

You can limit your mistakes by having good commerce practices. Use these tips :

Communicate regularly: Stay in regular contact with your clients. Make sure you set clear guidelines and expectations, so everyone is on the same page.
Have a detailed review process: Set aside time to review all work and documentation before it is sent to your clients.
Use realistic timelines: Do not promise timelines that you cannot stick to. Build in some buffer time to ensure you are not rushed.
Have a system: Have an organized plan for how you work with clients, store documents, and manage projects.

Get An Errors And Omissions Insurance Quote

Add more protection for your organization. Get an errors and omissions insurance quote today. Our insurance experts will help you find the right solution at the best rates.

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