Errors and Omissions Insurance in Maine

  • Compare prices in just a few minutes, with no obligation to purchase
  • You can purchase online online to receive your coverage confirmation
  • Access only top-quality insurance companies (A-rated or better)

Get instant quotes

BizInsure insurance partners

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 your services. E&O insurance is also called Professional Liability insurance.

According to the U.S. Small Business Administration’s Office of Advocacy, there 151,212 small businesses operating in Maine in the year 2022. In addition, they comprised 99.2 percent of the state’s companies, these numbers are increasing steadily.

There are always chances to be a victim of mistakes, regardless of what field you work in, the products you offer or the nature of your offerings. Although you might be an experienced professional but it only takes one wrong move to lead to a suit against your company.

Therefore, in today’s highly competitive business world, where customers are becoming increasingly demanding, Errors and Omissions insurance is essential to help small business owners protect their future finances. Errors and Omissions insurance defends your business from lawsuits that arise as caused by your negligent acts (errors) or insufficient services (omissions).

What does Error and Omissions insurance cover?

In Maine, Errors and Omissions insurance covers a variety of expenses, up to the limit set in your contract. The savings you will make are:

  • Legal costs – The majority of lawyers are charged an hourly rate. Hiring good legal counsel is costly, even if the case is settled quickly. The longer it takes the case to be settled, the more money you may need to pay.
  • Court Costs – Filing papers with the court as well as underwriting and administrative expenses.
  • Settlements to help both sides save money and to avoid costly, lengthy costs of litigation, the majority are settled outside of the courtroom. You may have to pay the client a particular amount depending on the advice of your lawyer.
  • Judgments – In the event that your case goes to trial and the judge rules in favor of the plaintiff, you’ll have to pay the adjudged amount, or take the risk of a lien being placed on the assets of your business.

Who needs Errors and Omissions insurance in Maine?

Professionals and companies whose job pertains to providing clients with advice, educated recommendations and solutions, or who represent the needs of others might consider purchasing Errors and Omissions insurance.

Whether the claim is legitimate or baseless, Errors and Omissions insurance can safeguard your reputation as a professional and your company’s profit assets from costly results.

Professions which typically require E&O insurance include, but are not restricted to:

Architects Notary Publics 
Consultants Personal Trainers
Engineers  Pilates Instructors 
Home Care Providers and Businesses Yoga Instructors 
Customer service icon

Speak with our licensed agents today

You can relax knowing you’ve secured the right insurance at a competitive price. BizInsure’s licensed and knowledgeable agents are here to help you find the right product.

How much does Errors and Omissions insurance cost in Maine?

In Maine, the average cost for E&O insurance is approximately $654 per year. As with any insurance, the more risk element you have the more you may need to pay to cover it.

The factors that determine the cost of your Errors and Omissions coverage are:

  • Your company’s top priorities, its location and risk tolerance
  • The amount of turnover and the size of your company
  • The amount of insurance you need
  • The history of your previous claims in the event of you have any
  • The person being covered is their qualifications, their suitability for the job and if they’ve any prior history of claims

Get instant quotes

How to get Errors and Omissions insurance for Maine business?

BizInsure makes it easy to compare E&O policies with the highest-rated U.S. insurers and locate the best insurance for your small enterprise at an affordable cost.

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.
© Copyright 2023 BizInsure LLC, 2015 ALL RIGHTS RESERVED BizInsure LLC; CA DBA: Simple, Smart, BizInsure Insurance Agency LLC; NY DBA: BizInsure Services LLC; NH DBA: Simple, Smart, BizInsure Insurance Agency; PA DBA: BizInsure Services LLC. 2950 Buskirk Ave Suite 300, Walnut Creek CA 94597. License #0H81929
Great experience
Fast, Simple, convenient
Bizinsure is an exceptional company. The customer service is excellent. The receptionists are very knowledgeable. The insurance agents are very professional.
Appreciate for being up to date!
Easy to navigate what you need. Always notify ahead of renewal!
Thank you for your good service.
Great experience. Very professional!
👌 Perfect
Easy to access
Amazing service! From start to finish.
Alex was awesome!! Walked me through the process with great patience and care. Found me a perfect policy for my LLC at a GREAT price.
This was easy. The customer service was great. I would recommend this company to anyone
Fantastic!
straight forward, efficient and thorough. i highly recommend it.
easy to get quote and coverage
I had a good experience with this agency. It was an easy process and all the information was explained well. I like that it has an excellent rating with the Better Business Bureau. The Bizinsure agent Andrea Magee was kind, helpful and professional.
what a great coverage with an amazing price
Sales Rep Andrea Magee was very pleasant and professional.
Ms. Magee knew exactly what insurance I was seeking for my business and went to work immediately on finding the right coverage for me. I was able to get coverage right away. I highly recommend this company!
Good professional services. quick and simple easy steps for an insurance quote for my business. Thank Biz Insurance
I called today a bit unsure, but once I spoke with Andrea, she guided me through the entire process with patience and clarity. She also pointed me in the direction of other helpful services. A+ experience!
BizInsure is the Best. Not only was Andrea informative, she was professional, and spot on! Give them a call you will not be disappointed!
Easy to use, called in advance so I was not late on renewal.
I called 3-4 companies. Bizinsure / Andrea knew exactly what I needed! She guided me through the process and was very informative. Give them a call you won’t be disappointed!