Errors and Omissions Insurance

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Errors and Omissions insurance for Florida small businesses

Small businesses are the backbone of Florida’s economy. According to data from the U.S. Small Business Administration Office of Advocacy, the Sunshine State is home to 2.7 million small businesses that make up 99.8% of all businesses in the state. Importantly, these small businesses added over 133,400 net new jobs to the Florida economy in 2019.

The top five industries for small businesses in Florida are:

  1. Accommodation and Food Service
  2. Health Care and Social Assistance
  3. Construction
  4. Professional, Scientific, and Technical Services
  5. Retail Trade

No matter what industry you work in, having a safety net in place can help protect your business against the unique risks you may face. Errors and Omissions (E&O) insurance could help safeguard your enterprise’s finances and your professional reputation.

What is Errors and Omissions insurance?

Nothing turns your world upside down like the fateful words “you have been served”. A lawsuit is every small business’s worst nightmare. It potentially means damage to your professional reputation, having to pull away from day-to-day operations while you deal with the lawsuit, and lots and lots of legal expenses.

So how can you protect yourself and your business?

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

Even if you have years of industry experience, there is always a chance that you might make a mistake in your professional capacity. Ultimately a small error has the potential to negatively impact your company in a big way, both your business finances and business reputation.

For example, a client may allege you delivered a professional service that caused them personal or financial damage. As a result, the client initiates a liability lawsuit against your business. In this scenario, an Errors and Omissions or Professional Liability insurance policy will help you cover the expenses incurred while defending your business.

What does Errors and Omissions Insurance cover

E&O and Professional Liability insurance in Florida helps protect small businesses against common forms of liability claims, including:

  • Error or Mistake
  • Omission
  • Missed deadlines
  • Undelivered services
  • Negligence
  • Breach of contract

A policy helps protect businesses by paying legal defense expenses resulting from liability lawsuits. This generally includes items such as attorney’s fees, underwriting and documentation charges, court fees, and other administrative costs associated with defending your business. It may also cover any settlements and judgements that you are ordered to pay.

These lawsuits can be financially devastating for small businesses. Without E&O insurance, you would be left to pay these expenses from your own pocket. This could easily lead to bankruptcy or business closure, and could even mean using your personal savings to pay legal costs.

Liability lawsuits can be expensive. However, even a false or baseless claim can be financially devastating for small businesses. This is why E&O and Professional Liability insurance in Florida provide coverage for both actual and false claims.

Claims example

Here’s an example of how E&O insurance works:

An architect designs a new school, but is unaware that the accessibility requirements for schools have recently changed and are now different from other public buildings. The architect must appear in court after the school is cited for code violations.

Professional liability insurance protects architects against claims of negligence, even if they haven’t made a mistake.

What is not covered

It’s important to understand that E&O and Professional Liability insurance in Florida does not protect businesses from all the potential risks they may face. The following items are NOT covered by Errors and Omissions insurance:

  • Intentional malpractice
  • Fraud and dishonesty
  • Illegal acts
  • Known claims and circumstances
  • Property damage
  • Workplace injuries and serious illness

Other forms of insurance coverage are available to help provide more comprehensive protection for your small business. You might also consider General Liability, Workers’ Compensation, or a Business Owner’s Policy.

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Who needs Errors and Omissions Insurance?

Many different types of professionals may need E&O insurance to guard their financial resources and hard-won reputations from the risk of a liability claim.

Attorneys, accountants, consultants, and dozens of other Florida business owners keep E&O insurance in their portfolio as a way to safeguard their reputation, business assets, and profitability from the exorbitant costs of litigation.

Professions that often utilize Errors and Omissions Insurance are:

ArchitectsNotary Publics 
ConsultantsReal Estate Agents
Engineers Publishers
Home Care Providers and BusinessesAccountant

Are businesses required to have Errors and Omissions insurance in Florida?

E&O or Professional Liability insurance in Florida is not legally required. However, there are situations where you may still need to have a policy.

If you belong to a professional association, check their insurance requirements for members (if any). They may mandate minimum levels of coverage to work in the industry or to obtain and renew licenses.

Clients may also require you to have insurance coverage in place before you can work for them. This obligation will likely be written into a business contract, and you may be asked to provide proof of insurance before work begins.

Even if you are not required to have E&O or Professional Liability insurance, your customers may still expect you to have a policy. E&O insurance can be an important signal that you are professional and value your business reputation. Customers might feel more confident working with you knowing that you take your professional reputation seriously and are ready to defend it, if necessary.

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How much does Errors and Omissions Insurance cost in Florida?

The pricing for Errors and Omissions coverage is determined by a range of different factors and is, ultimately, unique to each business. Receiving quotes from multiple insurers is a reliable way to understand how much you can expect to pay for a policy that meets your business’ specific needs.

The following aspects of your business will influence your Errors and Omissions insurance premium:

  • Type of occupation or industry you work in – Some professions and industries present more risks to insurers than others. Insurance premiums will reflect these differences in risk.
  • Annual revenue – Handling large, complicated, and costly projects can increase the risk of making a mistake that results in a lawsuit. Insurers will take this into consideration when setting premium amounts.
  • Staff size – More employees working on projects increases the potential for mistake, and this will likely be reflected in the premiums you pay.
  • Employee licensing and experience – Employees with less experience or without the proper licensing can create more risk for your business.
  • Past claims history and risk management procedures – A history of liability claims signals to insurers that your business may be risky to insure in the future. A robust risk management plan could positively affect your premiums.
  • The liability limits you select – The higher the protection purchased, the more you can expect to pay for your policy.

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Very good information patience was shown. Much help from Kaled, satisfied with the amount of insurance and good coverage. Affordable is what you need with starting a small business until you grow. Old saying is go as you grow.
Jacquelynn W.
21:53 20 Jan 23
Professionals at what they do! easy to navigate and very good people to lead to to the best coverage!
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20:37 17 Jan 23
I have been shopping for business liability insurance for several months. I am happy to share that BizInsure ranked #1! The representatives were polite, patient, and empathetic. They accomplished what most companies struggle with achieving: they did what they said they were going to do, they were on time, and they had empathy. They delivered a policy for 25% less than the closest competetor, and even included $50k of cyber security at no additional cost! I only write reviews when I receive exceptional experiences- highly revommended; keep up the great service BizInsure!P.S. I own a professional referral service in Hawai'i and I am going to see if BizInsure offers an affiliate program.Aloha!
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05:51 23 Nov 22
They respond quickly and give you quotes immediately ...
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23:55 09 Nov 22
The agent that I spoke to was very experienced and could tell that I was new at this and was very understanding and took the time to explain everything to me.
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00:04 15 Oct 22
Easy to work with and very responsive. Glad to have them as my broker.
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18:54 13 Sep 22
We’re very happy with BiInsured LLC. VERY AFFORDABLE
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19:20 11 Sep 22
Jasmine Q was on the spot professional, she knew where to direct me and explain to me my concerns and request; she delivered my personal information within minutes of me asking policy questions.That young lady is a true ROCK STAT!!!
Shaka 3 Z.
23:09 15 Aug 22
For a small non-profit, the package I was given was affordable. The representative was polite, patient, understanding, and knowledgeable.
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Asked for a specific venue to be place on our certificate of insurance and it was done within one business day. Yay! Bizinsure!
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17:02 01 Aug 22
The process was fast and easy and the professional staff was very knowledgeable with any questions that I had and ready to help
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Friendly agents. Timely replies. Fair pricing. This is a good fit for my business! Thank you, Noah, for all your help.
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00:41 07 Jan 22
Noa made sure I had all the information I needed for a first time business owner . He helped me understand what I needed to secure a quality policy and he was super helpful when explaining how the policy would serve its purpose to my company. I was very satisfied and had an Awesome experience, I think people like that make the company look good!
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04:36 15 Oct 21
I was in need of WC, GL and PL coverages for my business and was able to shop, discuss, confirm and purchase all the coverages in two days! This was a great experience, especially when "Time is Money". Noah Bowman was very professional and knowledgeable. Thanks!
AmeriCreed 1.
15:42 23 Sep 21
19:49 09 Sep 21
Their representative clearly explained different kinds of policies to help me select the one appropriate for my needs and then helped me enroll by phone painlessly. By the end of the call, I had a policy in place.
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Eugene was Awesome!!!!
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Excellent solution for writers and authors professional liability policy as well as coverage for copyright and trademark infringement. Service was prompt and excellent.
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Efficient, and great value. The agent was able to give us a quote and a new policy in a short period of time. Thank you
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18:50 26 Apr 21
I need a help getting errors and omissions insurance along with general liability. Jose was very friendly informative and was very patient with me during the process. He found me some of the best rates for the coverage that I needed. Highly recommend
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19:51 20 Apr 21
I had numerous conversations with several business insurance agents over a month's time. I also had several conversations confirming the policy inclusion/exclusions and asked many questions. My BizInsure agent was professional, knowledgeable and most important—detail oriented. Even after having an initial conversation a month earlier he knew and *remembered* all my personal/professional insurance needs. When I asked for additional information on the third call he was able to provide me with details very quickly. He was also VERY patient. That is a big plus in my opinion. It illustrated a high level of respect for my needs. I also found when I called back and asked to talk with the initial agent, the person who answered the call was able to get in contact quickly and my agent responded and returned the call within 5-10 minutes. The transaction was smooth, and I think it's a good sign should I ever need to make a claim. I highly recommend BizInsure.
Poetic F.
21:00 07 Apr 21
The rep was extremely helpful actually lowered my quote and made sure I was covered to fit my needs with my growing business! 5star!!
Franklin B.
19:04 16 Mar 21
Excellent service and prices.
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23:13 09 Mar 21
Mr. Daniel Scott was very responsive to my professional needs.
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17:38 18 Feb 21
Eugene deserves a raise! First time purchasing insurance and he made the process so simple for me. His patience and attention to detail left me feeling confident in my decision to choose BizInsure. Gracias Eugene!
Esined P.
23:32 17 Feb 21
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Hiscox/BizInsure made getting Liability Insurance very easy and reasonable.I expected it to be a long and complicated process and it was a nice surprise that they made it so uncomplicated. Thank you. Lisa
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23:26 12 Nov 20
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16:34 20 Sep 20
Very happy to be insured with this company. Professional, Timely, very helpful. Thank you Juan, you made it so much easier for me to understand.
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Nancy S.
00:47 26 Aug 20
I was in need of professional liability insurance for my sole proprietorship. A friend referred me. Everythng was quick and simple and AFFORDABLE!
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If you need Private Home Care Provider insurance for your company, BizInsure, LLC can get it for you!
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21:51 04 Jun 20
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02:03 04 Jun 20
Anthony Spencer was great!! Very quick response time!! He was very Professional! I would suggest him because he helped me find a affordable rate and explained all the technicalities..
Fre H.
16:38 28 May 20
I was referred to Bizinsure by a industry trade group that I am a member of. It was easy to get a quote online and then received excellent customer service from Bradley H. to complete my policy purchase over the phone. I have shared this company information now with other business owners for their policy needs.
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22:11 08 May 20
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Trish is the most patient, professional and understanding insurance agent I’ve ever worked with. Trish has taken care of all my business insurance needs for the last couple years. I am really happy that I found an insurance agent that I know will take care of me & all of my concerns. I feel like a valued customer & I appreciate the great customer service that I get every time!!THANK YOU!
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