Errors and Omissions Insurance Florida

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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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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!
Wayleen Ortiz
Wayleen Ortiz
04:36 15 Oct 21
Julia Georges-Louis
Julia Georges-Louis
22:28 29 Sep 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 1776
AmeriCreed 1776
15:42 23 Sep 21
MOVING FORWARD, I WILL BE SENDING ALL OF MY BUSINESS TO THIS COMPANY !!!! Incredible customer service!!! Thanks
THEODORE WELLS
THEODORE WELLS
19:49 09 Sep 21
Daniel Patrick Sullivan
Daniel Patrick Sullivan
16:49 07 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.
Dissent Doe
Dissent Doe
22:21 02 Sep 21
Sheree Williams
Sheree Williams
19:39 27 Jul 21
Eugene was Awesome!!!!
Lakesha G
Lakesha G
17:19 21 Jul 21
Excellent solution for writers and authors professional liability policy as well as coverage for copyright and trademark infringement. Service was prompt and excellent.
Lane
Lane
18:22 22 Jun 21
Jugrid Ombisi
Jugrid Ombisi
16:26 15 Jun 21
Done in less than an hour!
William Opperman
William Opperman
00:30 02 Jun 21
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
Brenda Jones
Brenda Jones
20:30 24 May 21
I had a great experiencing obtaining several of my insurance needs as a landscaping company here in Northern Colorado. BizInsure's team took care of my needs and was very responsive to help with paperwork needed to secure a potential client account!
Arik Solberg
Arik Solberg
16:34 10 May 21
Adj Ako
Adj Ako
16:47 05 May 21
Very efficient they were able to help me out with my request promptly....highly recommend this companyI am very happy to have them
Elba Perez
Elba Perez
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
Casper Martinez
Casper Martinez
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 Films
Poetic Films
21:00 07 Apr 21
Sandra Darjean-Murphy
Sandra Darjean-Murphy
17:48 31 Mar 21
Jusephine Ghong
Jusephine Ghong
17:58 23 Mar 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 Behm
Franklin Behm
19:04 16 Mar 21
Excellent service and prices.
Cassiopée V Lapierre
Cassiopée V Lapierre
23:13 09 Mar 21
S & S Professional care llc Home Health Agengy
S & S Professional care llc Home Health Agengy
04:15 24 Feb 21
Mr. Daniel Scott was very responsive to my professional needs.
Stephanie Woodruff
Stephanie Woodruff
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 Perez
Esined Perez
23:32 17 Feb 21
DIVINE FIJIANS HOME CARE SERVICES
DIVINE FIJIANS HOME CARE SERVICES
22:49 05 Jan 21
The customer service provided by Jose was outstanding. He explained everything in a very clear/logical way and answered all of my questions. After providing all the information to obtain general liability insurance, Jose sent me the declaration page of the insurance for review. All of the information matched what I provided over the phone and there were no typos. The next day I called back to purchase the insurance which was easy and fast. Overall, my experience with BizInsure including the customer service by Jose exceeded my expectations.
Joe Wajdula
Joe Wajdula
03:29 12 Dec 20
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
Lisa Word
Lisa Word
21:51 24 Nov 20
Eugene was incredible. I called 4 other brokers before him who were impossible to get any help.
rhonda hale
rhonda hale
23:26 12 Nov 20
Owner (LPN)
Owner (LPN)
23:19 06 Nov 20
Cincere Browdy
Cincere Browdy
15:16 29 Oct 20
Very quick to get in touch with you and good with follow up. Had some trouble retrieving my quote to log into my account initially but Daniel assisted me and the changes were made to get me into my account. Great value for the money.
Fran Sutton
Fran Sutton
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.
Aileen Day
Aileen Day
19:55 15 Sep 20
This company responded when I needed them to respond while facing a deadline. They are an excellent choice for business Insurance.
Michele Harris
Michele Harris
01:52 12 Sep 20
Jose Quintero took such great care of me and was very patient explained everything I did not understand and got me set up quickly. Fabulous customer service
Christina Rose
Christina Rose
02:41 27 Aug 20
I can't say enough good things about Daniel Santos kind and effective communication skills as an insurance agent. Daniel was so pleasant, friendly and efficient with helping me obtain insurance as a teacher. If I were to give Daniel a grade, he has earned an At . He made the process easy to understand, it was far easier than what I anticipated. Nancy S.
Nancy Sloan
Nancy Sloan
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!
hope jones
hope jones
20:31 25 Aug 20
If you need Private Home Care Provider insurance for your company, BizInsure, LLC can get it for you!
Pamela Curry
Pamela Curry
16:45 24 Aug 20
Cameron Peek
Cameron Peek
19:25 24 Jul 20
Great and fast service!!!! The representative was very professional!!!!
Tanya Sweet
Tanya Sweet
19:51 14 Jul 20
I was tryi9ng to find commercial liability insurance for my new comp-any and BizInsure was easy to use and very affordable which is great for me as a new business.
Jimmy Smith
Jimmy Smith
19:01 14 Jul 20
Great service, but they're also extremely patient. I called over a month ago for specialized E & O coverage, and Bizinsure was able to put me in touch with an extremely reasonable quote. Absolutely invaluable time and monetary savings to be had by going through these folks. If you can-- ask for Anthony. Absolute gem of a human.
James Lang
James Lang
18:19 02 Jul 20
Ken M
Ken M
23:21 28 Jun 20
Great service insurance prices are great for professionals looking to get insurance for businesses....
Rhonda Gray
Rhonda Gray
22:34 22 Jun 20
The provided very professional service and made the process easy.
Paul Rising
Paul Rising
21:51 04 Jun 20
Bradley Hoyle from the Biz Insure team was excellent to work with. Everything was quick and smooth. Great service, much appreciated!
Kristene Smith
Kristene Smith
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 Hall
Fre Hall
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.
Dawn Torres-Gale
Dawn Torres-Gale
22:11 08 May 20
This company was very precise with explaining services and made sure I chose the right business insurance coverage, great customer service at purchasing.
Nekeisha B.
Nekeisha B.
01:30 05 May 20
Amazing
Jasmine Q
Jasmine Q
14:31 02 Dec 19
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!
Dr. Youssef C. Atallah
Dr. Youssef C. Atallah
17:21 14 Nov 18
Tricia helped me get insurance for my business. The task of obtaining a quote was really starting to frustrate me until I was referred to BizInsure through a different agency. Tricia got me a quote fast, and even took a down payment over the phone and issued the proof of insurance the same day. a+ service, would do it again in a heartbeat!! Thank you!!
Josh Mariscal
Josh Mariscal
18:07 22 Jun 18
BizInsure was a great find! I did not have to fill out applications, and Tricia was able to quote and bind business insurance for me within half an hour.
Allison Young
Allison Young
17:28 21 Jun 18
Started doing business again and needed a policy fast. Ramez was reasonable, helpful and the rates are OK. Buyer beware? Sure, for me it turned out OK this time. Worth a call.
Mark Wallace
Mark Wallace
23:42 13 Nov 17
Daniel Scott
Daniel Scott
15:15 27 Jun 17
Great customer service. I've been very inpressed with my dedicated representative that had helped me navegate my insurence needs. Thanks so much!
Graham Blair
Graham Blair
22:12 23 Jun 17
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