Insurance for Errors and Omissions

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What exactly is Errors and Omissions Insurance?

Errors and Omissions (E&O) insurance protects you from claims raised due to unintentional mistakes made in the professional capacity. E&O insurance may also be called Professional Liability insurance.

According to the U.S. Small Business Administration (SBA) Office of Advocacy, there 364,200 small companies in Kentucky as of 2022. They made up 99.3% of all state-wide businesses and are rising.

Errors may happen, no matter the industry you are in, the products you sell or the nature of your business. Even if you have an impressive track record any mistake could result in a lawsuit being filed against your company.

Thus, in a highly competitive business market, in which customers are becoming increasingly exacting in their demands, Errors and Omissions insurance may be necessary to assist small business owners secure their future cash flow. Your company is protected from any claim arising out of your mistakes (errors) or insufficient service (omissions).

What does Errors and Omissions insurance cover in Kentucky?

In Kentucky, Errors and Omissions insurance covers a variety of expenses, up to the limit that is specified in your insurance contract:

  • Legal fees Lawyers typically charge an hourly rate. Employing a good lawyer can be expensive, even if your dispute is resolved swiftly. The longer it takes the case to be settled the more money you must spend.
  • Court Expenses filing documents in the court’s office, the cost of underwriting, other administrative costs, as well as any legal fees.
  • Settlements: To make both sides financially more efficient and to avoid costly, lengthy costs of litigation, the majority are settled outside of court. You may have to pay an individual client a certain amount based upon the advice of your lawyer.
  • Judgments If your case goes to trial, and the judge rules for the plaintiff then you’ll have to pay the judged amount. Otherwise, there’s the possibility of a lien being secured against the assets of your business.

Who needs Errors and Omissions insurance?

Businesses and professionals whose work includes providing clients with guidance, education and solutions, or who serve the needs of others must purchase Errors and Omissions insurance.

Regardless of whether the claim is valid or not, Errors & Omissions insurance will protect you, your company, and your reputation from the repercussions of a costly mistake.

Professions that typically consider E&O insurance include, but aren’t limited to:

ArchitectsNotary Publics 
ConsultantsPersonal Trainers
Engineers Pilates Instructors 
Home Care Providers and BusinessesYoga Instructors 
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What is the price of Errors & Omissions insurance?

In The Bluegrass State, annual average price for Errors and Omissions insurance is around $682. However, this depends on your particular business. Like most insurances, the more risks your business faces, the more you may pay for coverage.

Some factors that determine the amount of your Errors and Omissions insurance include:

  • The business’s goals, the location and risk appetite
  • Your business’ turnover and size
  • How much coverage do you need?
  • The history of your previous claims, if you have any
  • The applicants – their credentials, suitability for the job , and if they have any prior history of claims

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How do I get Errors and Omissions insurance for my Kentucky company?

BizInsure lets you compare E&O policies against top-rated U.S. insurers and to find the most comprehensive protection for your small business at an affordable price.

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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