Errors and Omissions Insurance in Louisiana

What is Errors and Omissions insurance?

Errors and Omissions, otherwise known as E&O or Professional Liability insurance, protects your business against claims of negligence, misrepresentation or mistake, as well as document or paperwork errors.

According to the U.S. Small Business Administration (SBA) Office of Advocacy 2022, there are 471,240 small companies in Louisiana. They account for 99.5 percent of all businesses in the state But these numbers are growing.

There is the chance to make mistakes, regardless of what field you work in, the product that you sell, or the type of your business. Even if you have an impressive track record any error can result in a lawsuit against your business.

In a highly competitive business world, where clients are increasingly becoming more demanding in their requirements, Errors and Omissions insurance may be necessary to assist small business owners to protect their future cash flow. Your company is protected from any claim arising out of your inattention (errors) and insufficient services (omissions).

Who needs Errors and Omissions insurance in Louisiana?

Professionals and businesses whose work involves giving clients guidance, education, designing solutions or those who represent the needs of the public should take Errors and Omission insurance.

Regardless of whether the associated claim is legitimate or baseless, Errors and Omissions insurance will protect your professional reputation, your profits and business assets from the potential for costly results.

Professions that usually 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

How much does Errors & Omissions insurance in Louisiana?

In Louisiana, the annual average cost for E&O insurance is around $695. This is, however, contingent on the size of your company. Like any insurances more risk element you have the more you’ll have to pay for it.

These are the variables which affect the price of your errors and omissions:

• The priorities of your business, its location and risk tolerance
• Your company’s turnover and size
• The amount of insurance you need
• If so, what was your prior claims have been denied.
• The people being covered – their qualifications, qualifications, suitability to the task and if they’ve any claims history

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