What is Errors and 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 their services. E&O insurance is also called Professional Liability insurance.
The Hoosier State is home to nearly 535,000 small businesses. Many of these provide professional services or advice to their clients. Whether you’re a real estate agent, notary public, home health aide, or other professional service provider, Errors and Omissions insurance in Indiana might benefit your small business.
What does E&O insurance cover in Indiana?
E&O insurance provides protection against financial loss or damage to your business reputation caused by:
- Errors, mistakes, or omissions in your work
- Missed deadlines
- Undelivered services
- Breaches of contract
- Negligence allegations
Liability lawsuits are often expensive. Many small business owners find it difficult (if not impossible) to cover the costs of defending themselves in court. Errors and Omissions insurance in Indiana helps you pay for a lawyer and other fees associated with a covered claim. Your policy may even cover settlements or judgements you are ordered to pay by the court.
What is not covered
Errors and Omissions insurance in Indiana does not protect businesses against every risk they may face. Typically, an E&O policy will NOT cover:
- Intentional negligence or malpractice
- Fraud and dishonesty
- Illegal acts
- Property damage
- Workplace injuries and serious illness
- Claims and circumstances that were known before the policy was purchased
Who needs E&O insurance in Indiana?
Errors and Omissions insurance in Indiana helps create a crucial safety net for many small businesses.
If you regularly provide clients with advice or recommendations, design custom solutions, or represent a client’s interests on their behalf, you may want to consider an E&O policy. You might also purchase coverage if your employees regularly take part in these activities for your business.
Many different small business owners consider E&O insurance, including a:
- Notary – Errors and Omissions insurance in Indiana covers notary publics.
- Real Estate Agent – Indiana real estate Errors and Omissions insurance helps protect realtors and real estate agents.
- Architect or Engineer – Compare Errors and Omissions insurance in Indiana for architects and engineers.
- Consultant – Compare E&O insurance for consultants.
BizInsure small business owners from a wide range of occupations find E&O insurance. Compare multiple quotes for your business now.
Is Errors and Omissions Insurance required In Indiana?
E&O insurance may be required by law in Indiana for some occupations. Often buying a policy is one of the steps for getting or renewing a professional license. You may also need to maintain a minimum amount of coverage to keep your license.
The Indiana Professional Licensing Agency has more information on insurance obligations for different professional occupations and industries.
How much does E&O insurance cost in Indiana?
E&O insurance in Indiana varies in cost from business to business. Insurance companies consider many different factors when they calculate your premium, such as:
- The industry you work in and/or your occupation
- The annual revenue of your business
- The number of employees covered by the policy
- The licensing and experience of those covered by the policy
- The amount of coverage you choose
- Your history of claims
One way to understand how much E&O insurance costs for your small business is to compare multiple quotes. BizInsure makes it simple to compare E&O policies from top-rated insurers and find the best coverage for your small business at a price that fits your budget.
The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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