Errors and Omissions Insurance in Alabama

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What is Errors & Omissions insurance?

Also known as E&O or Professional Liability insurance, this type of policy protects your business against claims of negligence, misrepresentations, or mistakes. Errors and Omissions claims  are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

The U.S. According to the U.S. Small Business Administration (SBA), Office of Advocacy, there were 417,092 small businesses in The Cotton State as of 2022. They accounted for 99.4% of state-wide businesses, and that number is growing.

Mistakes happen, no matter what industry you work in, the products you sell or the service you provide. Even if you have a great track record, one mistake can lead to a lawsuit against your business.

Errors & Omissions insurance is essential to many small business owners. It helps safeguard your financial future in a highly competitive market. Your business will be protected against claims arising from your negligence (errors) or unsatisfactory services (omissions).

What does Errors and Omissions insurance cover?

Alabama’s Errors and Omissions insurance covers expenses (up to the policy limits) such as:

  • Legal costs – Even if a case is resolved quickly, it can still be costly to hire a good attorney. Most lawyers charge an hourly rate. The longer it takes for the matter to be resolved, the more money you will likely end up spending for their services.
  • Court expenses – Filing documents with court, underwriting charges, and other administrative costs.
  • Settlements – To avoid expensive, long-drawn-out litigation, many claims are settled outside of court. You might need to pay a client a specific amount depending on the advice of your legal counsel.
  • Judgments – If your case goes to trial and the judge rules in favor of the plaintiff, then you will need to pay the decided amount. Otherwise, there is the possibility of a lien being placed against your business assets.

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Who needs Errors and Omissions insurance?

Errors & Omissions insurance is recommended for professionals and businesses who provide advice and educated recommendations or design custom solutions.

E&O insurance also protects you against invalid claims. Even if a lawsuit is without merit, it may still be expensive to defend your business against these claims.

Professionals who often require Errors and Omissions insurance include (but are not limited to):

Architects Notary Publics 
Consultants Personal Trainers
Engineers  Pilates Instructors 
Home Care Providers and Businesses Yoga Instructors 

How much does E&O insurance cost in Alabama?

In Alabama, the average cost for E&O insurance is approximately $827 per year. However, it depends on your business. Like any insurance, the more risks your business faces, the higher your premiums will likely be.

Some factors that may affect the cost of your Errors and Omissions coverage are:

  • Your business’s activities and location
  • The size of your business (often measured through annual turnover)
  • How much insurance you require
  • Your claims history
  • The number of people being covered and their qualifications

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Does general liability insurance include E&O coverage?

A General Liability insurance policy does not include Errors and Omissions (E&O) coverage. General Liability covers property and bodily injury suffered by customers, vendors, and others. E&O insurance covers errors, missed deadlines, or other events related to your services.

Recommended reading: General Liability vs Errors and Omissions Insurance

As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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