Errors and Omissions Insurance Kansas
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What is Errors & Omissions insurance?
An Errors and Omissions insurance policy (also known as E&O or Professional Liability insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing.
According to the U.S. Small Business Administration’s Office of Advocacy, there 258,384 small businesses operating in Kansas at the time of the year 2022. They accounted for 99.1 percent of all state-wide businesses. However, the numbers are on the rise.
No matter which field you’re in, what product you sell or the services you provide there is the potential for making mistakes. Even if you’ve got an impressive track record any mistake could result in a lawsuit being filed against your business.
Errors & Omissions coverage is vital for small business owners to ensure their financial security in an extremely competitive market. Your business is covered against claims resulting from your negligence (errors) and inadequate services (omissions).
What does Errors and Omissions insurance cover?
Kansas’s Errors and Omissions insurance covers your costs up to the limits specified in your contract. It will allow you to save:
- Legal Costs – Lawyers typically have an hourly charge. Even if a case can be resolved in a short time the cost can be high hiring a reputable legal professional. Also, the longer the matter is resolved, the more you’ll need to shell out.
- Court Expenses – Filing documents with the court, costs for underwriting along with other administrative costs and any legal costs related to it.
- Settlements – To make both sides financially more efficient and avoid lengthy, expensive court costs, most cases are settled without the courtroom. You may have to pay a client a specific amount, based on the recommendations of your lawyer.
- Judgments – If your case is put to trial, and the judge rules in favor of the plaintiff then you’ll be required to pay the amount that was adjudged to be fair. If not, you run the possibility of a lien being put on your company’s assets.
Who needs Errors & Omissions insurance in Kansas?
Errors and Omissions insurance is recommended for individuals and companies whose work involves giving advice, providing recommendations, or developing solutions.
It doesn’t matter if the claim is valid or not, Errors and Omissions insurance can safeguard your reputation as a professional as well as your business’s profits and assets from potentially expensive effects.
Professions that generally require Error and Omissions insurance include, but are not restricted to:
|Home Care Providers and Businesses||Yoga Instructors|
How much does Errors and Omissions insurance cost in Kansas?
In Kansas, the average cost for Errors and Omissions insurance is approximately $601 per year. However, it will depend on your business. Similar to other insurances, the greater the level of risk, greater the amount of premium you’ll need to pay to protect that risk.
Some factors that determine the costs of your Errors and Omissions are:
- The priorities of your business, its location and risk appetite
- The size and turnover of your business
- The amount of insurance you require
- If so, what was your prior claims are from the past.
- The individuals being covered – their qualifications and suitability for the position, as well as any claims they have made in the past
What can I get Errors and Omissions cover for Kansas business?
BizInsure makes it easy to compare E&O policies with the most reputable U.S. insurance companies, and then find the most suitable insurance for small-scale businesses at a price that is affordable.
Learn more about errors and omissions insurance in the states where you work.
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