Errors and Omissions Insurance in Illinois

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What is Errors & Omissions insurance?

Errors and Omissions (E&O) insurance can protect professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of your services. E&O insurance may also be found under the name Professional Liability.

According to the U.S. Small Business Administration (SBA) Office of Advocacy in 2022, there were 1.2 million small businesses in Illinois. While they accounted for 99.6 percent of the state’s businesses, these figures are increasing steadily.

No matter which field you’re in, the nature of the products you offer, or the nature of the services you provide, mistakes can happen. Even if you have an excellent track record, one mistake can result in a lawsuit against your company.

Errors & Omissions insurance is crucial for small-scale business owners to safeguard their future financial security in a competitive market. Your company is secure against claims resulting from your inattention (errors) and inadequate services (omissions).

What does E&O insurance cover?

Illinois’s Error and Omissions insurance covers your costs up to the maximum amount stipulated in your contract. It will allow you to save:

  • Legal costs – Most lawyers are charged an hourly rate. Even if the issue can be resolved in a short time but it’s expensive to engage a competent legal counsel. Therefore, the longer it will take to be resolved, the more money you will have to pay for it.
  • Court Charges – Filing documents in court as well as underwriting and administrative costs.
  • Settlements – to help save each party from the expense of long-drawn-out legal proceedings, most cases are settled outside of court. Based on the advice of your lawyer’s recommendations are it is possible to pay your client a set amount.
  • Judgments – In the eventuality your case is put to trial, and the judge is in favor of the plaintiff, you’ll be required to pay the adjudged amount, or risk the possibility of having a lien put upon your assets as a business.

Who needs Errors and Omissions insurance?

Professionals and firms whose work involves providing clients with guidance, education and designing solutions, as well as those who represent the needs of others are required to purchase Errors and Omissions insurance.

Whether the claim is true or not, Errors & Omissions insurance will safeguard you, your business, and even your reputation from costly consequences.

Professions that generally require Error and Omissions insurance include, but aren’t restricted to:

Architects Notary Publics 
Consultants Personal Trainers
Engineers  Pilates Instructors 
Home Care Providers and Businesses Yoga Instructors 
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How much does Errors & Omissions insurance cost in Illinois?

In Illinois, the average cost of E&O insurance is $644 per year. However, it depends on your particular business. Similar to other policies, the greater the part of risk, the greater the amount of premium you’ll need to pay to cover that risk.

These are some of the elements which affect the price of your Errors and Omissions coverage:

  • The priorities of your business, its location and risk tolerance
  • The amount of turnover and the size of your company
  • How much coverage do you need?
  • Your previous claims history If you have any
  • The individuals being covered – their qualifications, suitability for the position, as well as any claims they have made in the past

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How do I get Errors and Omissions insurance for my Illinois business?

BizInsure makes it easy to compare E&O policies with the top-rated U.S. insurance companies, and get the best protection for your small company at a reasonable cost.

Learn more about errors and omissions insurance in the states where you work.

Alaska
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois

Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana

Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania

Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

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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Safari T.
That was real quick approval and getting covered
Cornelius C.
Easy and affordable! Now my business can operate and fully function
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Renewing each year is easy and the cost is reasonable.
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Very helpful with answering unusual questions that I had, and helping to guide my decisions.
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Sherry S.
Thank you for your professionalism and patience and helpfulness with my insurance needs for my new business. Thank you, Lizette, as well for all of your help - you are sincerely appreciated and you are an asset to BizInsure LLC!
FEEDBACK: In my personal opinion, your telephone customer service needs to be improved. Whomever basically and initially answers the phone calls lately needs a new headset, honestly. I know you record all of your calls; however, listening skills truly needs to be improved also, IMO and if I ask someone to please take a message, and they tell me they are going to do so, then follow through and send that message to the main person I'm trying to reach. I have had difficulty getting back to the "exact" insurance agent with whom I've been working with and it's been a bit frustrating handling this current 2025-2026 renewal.
Roriley 1.
BizInsure has always been a necessary and important business resource.
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Pleasant, efficient and reasonable/
Jasmine G.
Reasonable affordable
Jennifer W.
Very easy to move through
Rachel U.
The website was easy to navigate on my own, sect and pay the policy in less than 30 minutes. The agent followed up with a phone call to answer any questions that I may have. Jasmine was professional.
Douglas R.
Andrew made the process smooth and easy.
I wish there were more Andrew's working in this business.
Marsha
My agent Jazmine is the "Best," she explained everything thoroughly and provided my company with what I think is The Best insurance Rate!
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I couldn’t be happier with my experience using BizInsure. The process of comparing and purchasing coverage was quick, straightforward, and completely stress-free. Their platform made it easy to understand my options, and I was able to find a policy that fit both my needs and my budget within minutes.

A special thank you to Cherice Williams, who helped me with my purchase. She was patient, knowledgeable, and made sure I understood every detail before committing. Her professionalism and friendly attitude made the entire process even smoother.

Thanks, Haynes
Victor H.
Excellent Service
Andy A.
Reasonable prices and the sign-up online is very straightforward.
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The agent was very knowledgeable and was very quick in handling my request.
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USER FRIENDLY AND EASY
Dave D.
I’ve been with Bizinsure almost 10 years without any issues
Skin U.
Andrea was very helpful, patience and nice with explaining everything

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