Errors and omissions happen from time to time. No business 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 ensure you have affordable coverage and peace of mind.
Errors and omissions insurance is a form of business liability insurance. Errors and omissions insurance has many other names, including :
Errors and omissions insurance protects businesses from liability exposure. It protects your business when it’s sued because of errors made by you, your business, or your employees. The type of liability exposure depends on your profession and the type of work you do.
Errors and omissions can take on many shapes. They include :
For example, a client follows your advice for how to operate their business. They do not get the desired results and suffer a financial loss. They may sue you to recover lost revenue.
An errors and omissions insurance policy outlines:
The details of your policy are commonly specific to your industry and the products and services you offer.
All professionals have exposure to a certain level of risk. No one is perfect. Mistakes happen from time to time. Sometimes, these errors can cause a financial loss or damage to your business partners and customers.
E&O insurance protects you when you or your employees make mistakes. Without this coverage, you would be financial liable in a lawsuit.
Getting the right errors and omissions insurance for your business takes a couple quick steps. Tell us about your business. We’ll assess your coverage needs and find you the best quotes to compare.
Tell us a bit about your business and coverage needs.
We’ll compare the lowest quotes and policy options for E&O coverage.
Choose the cheapest price and then get your policy.
The average cost for errors and omissions insurance ranges. It falls anywhere from $50 per month to hundreds per month. It is largely based on the type of business you operate.
Factors such as business size, industry, location, legal standing and history of lawsuits matter. How your people are trained, and your legal documentation can all play a role in determining costs. Compare quotes to find out how much errors and omission insurance is for your business.
What is the purpose of errors and omissions insurance? It provides you with coverage for a variety of liabilities that could severely impact your business 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 errors and omissions policies cover :
Polices can also cover mistakes made by employees, breach of duty, and contractual liabilities.
Errors and omissions insurance is for any business offering advice or services. Whether you are a home based business, small business, freelancer, or large business, E&O coverage can help.
We offer errors and omissions insurance coverage for many industries and professions :
Your need for errors and omissions insurance depends on many factors. Your business type and operations is a key factor. Some industries require you to have E&O coverage.
A common misconception is that you don’t need this coverage is you are not a large company. Even if you are a sole proprietor, you are susceptible to a lawsuit if you make a mistake. Standard coverage will not provide you with enough protection. As a general rule, if you provide a service, you should have E&O insurance.
No. In most cases, you will need 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 the coverage you need.
Our commercial insurance brokers will help you get the right coverage. We help you protect your business from all types of mistakes, errors, omissions, and more.
Check out these frequent questions about errors and omissions insurance coverage :
Yes. Most businesses have commercial general liability insurance. However, this type of business insurance policy only covers property damage and third party bodily injury. It does not cover the damages caused as a result of professional advice or services. E&O insurance fills this gap.
Errors and omissions insurance and professional indemnity (PI) insurance are interchangeable terms. They are essentially the same type of insurance coverage. It’s coverage that protects you from lawsuit costs when a customer believes you have acted in error. Or they believe you made a mistake when providing advice.
Errors and omissions insurance provides you with financial protection. Lawsuits and legal costs can add up quickly. E&O coverage protects you if you make an error while doing business.
You can purchase E&O insurance from any business insurance provider. In most cases, insurers will only offer coverage if you already have a business policy with them.
It depends on your business type and many other factors. Most E&O policies start with $1 million in coverage and go up from there. Speak with your insurer about your needs to determine coverage limits.
It depends on the parameters of your policy. You may or may not have coverage. Check with your insurer before you choose an E&O policy.
Directors and officers insurance is similar to E&O insurance but focuses on decisions made my management.
Add more protection for your business. Get an errors and omissions insurance quote today. Our insurance experts will help you find the right coverage at the best rates.