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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What is the cost for Errors & Omissions insurance?
In Illinois, the average cost of E&O insurance is $644 per year. However, 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
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.
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