Errors and Omissions insurance for Maryland small businesses
The Old Line State is home to over 634,000 small businesses, many of which are located in Baltimore. The city’s numerous small businesses include professional service providers, like real estate agents, notary publics, home health aides, and consultants (to name a few).
Errors and Omissions (E&O) insurance in Baltimore, Maryland could help these small business owners protect themselves and their businesses.
Errors and Omissions insurance protects you from claims raised due to unintentional mistakes made in a professional capacity.
Keep reading to learn more about E&O insurance for Baltimore, Maryland businesses and how BizInsure can help you compare multiple quotes and find the best coverage for your small business.
What is Errors and Omissions Insurance?
Also known as Professional Liability insurance, an Errors and Omissions (E&O) policy protects your business against claims of negligence, misrepresentations, or mistakes. E&O claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.
Lawsuits can be especially devastating for small business owners. Not only are you forced to deal with unexpected legal bills, but you may also spend valuable time defending your business. Plus, the potential damage to your professional reputation may be difficult to repair.
That’s why many Charm City business owners buy Errors and Omissions insurance. A policy could help you protect your business, bank accounts, and reputation.
What does Errors and Omissions Insurance cover in Maryland?
E&O insurance in Baltimore, Maryland helps protect businesses from claims or lawsuits caused by common types of professional wrongdoing, including:
- Errors and mistakes
- Professional negligence
- Missed deadlines
- Undelivered services
- Breaches of contract
An E&O policy helps cover your legal defense costs resulting from a covered claim, like attorney’s fees, court costs, settlements, and judgments. Many small business owners are unable to cover these expenses on their own. E&O insurance helps them continue running their business with less worry, knowing funds are available to help them defend themselves if they need it.
Who needs Errors and Omissions Insurance in Maryland?
Many small business owners consider E&O insurance an essential part of protecting themselves. While it may be mandatory for some occupations, others simply enjoy the peace of mind that an E&O policy can provide.
BizInsure has insurance options for many professional service providers, including:
- Notary Publics – Compare notary Errors and Omissions insurance for Maryland businesses.
- Real Estate Agents – Find a Baltimore real estate Errors and Omissions
- Home Health Aides – Compare E&O insurance for home health aides and agencies.
- Consultants – Find E&O coverage for your Maryland consulting business.
Don’t see your occupation listed above? Visit our Industries We Serve page or call 1-877-900-9998 to get help from our licensed agents.
If you are unsure if E&O insurance is right for your business, you may want to think about the work you do and how your business is set up. Many businesses seek E&O coverage if they:
- Provide professional advice or recommendations to their clients
- Design custom solutions for clients
- Represent a client’s interests on their behalf
- Have employees who engage in these activities
- Work for clients who require them to have their own coverage
- Work in an industry where having coverage is expected
If any of the above statements describe your business or what you do, then you may want to consider having E&O insurance in Baltimore, Maryland.
Compare multiple quotes today with BizInsure and find the best coverage for your small business needs.
Frequently Asked Questions
What is the difference between Professional Liability vs Errors and Omissions insurance?
Professional Liability is another name for Errors and Omissions insurance. Both provide coverage for common types of wrongdoing that professional service providers may face.
What is the difference between a claims-based and an occurrence-based policy?
Claims-based policies cover claims that are made during the policy period, even if the event that caused the claim happened at an earlier time. E&O insurance is claims-based.
Occurrence-based policies cover events that happen while the policy is in effect. This means that if you switch insurance companies, a claim could be paid by your previous insurer if the event occurred while you had a policy with them. General Liability insurance is typically occurrence-based.
Read more about claims-based vs. occurrence-based policies.
How do I get a certificate of insurance?
With BizInsure, your certificate of insurance is emailed to you when you purchase a policy. Additional or updated certificates of insurance can be requested at any time by emailing [email protected] or calling 1-877-900-9998.
The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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