Errors and Omissions Insurance in Maine

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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 
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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

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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.
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