Errors and Omissions Insurance
in Massachusetts

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What is Errors and Omissions insurance?

Also known as E&O or Professional Liability insurance, an Errors and Omissions policy protects your business against claims of negligence, misrepresentations, or mistakes. E&O claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

According to the U.S. Small Business Administration’s Office of Advocacy, there were 718,467 small businesses in Massachusetts in 2022. They accounted for 99.5 percent of the state’s businesses, these figures are increasing steadily.

Mistakes can happen, regardless of the industry you are in, the product you offer, or the nature of your offerings. Even if you’ve got an excellent track record, one mistake can be the cause of a lawsuit against your company.

Errors & Omissions insurance is vital for small-scale business owners to protect their financial security within a competitive market. Errors and Omissions insurance helps protect your company against claims arising from your negligent actions (errors) or insufficient service (omissions).

What does Errors and Omissions insurance cover?

Massachusetts’s Errors and Omissions insurance covers your costs up to the amounts specified in the policy wording. You can save:

  • Legal Costs Lawyers typically charge an hourly rate. Even if a case is resolved quickly it’s costly hiring a reputable legal professional. The longer it takes for the issue to be resolved the more you will be required to invest.
  • Court expenses Filing documents with court fees, underwriting costs and other administrative costs.
  • Settlements to help save both parties from costly long-drawn-out litigation, usually claims are settled outside of the court. Based on the advice of your lawyer’s recommendations are, you might have to pay your client a set amount.
  • Judgments – In the event that your case does go to trial, and if the judge rules in favor of the plaintiff you will have to pay the adjudged amount, or take the risk of having a lien put on the assets of your business.

Who may need Errors and Omissions insurances?

Errors & Omissions insurance is recommended for individuals and companies whose work involves giving advice, providing recommendations, or designing solutions.

Regardless of whether the associated claim is legitimate or baseless, Errors and Omissions insurance will shield your reputation as well as your business’s profits and assets from costly results.

Professions which typically require Errors and Omissions insurance include, but are not limited to:

ArchitectsNotary Publics 
ConsultantsPersonal Trainers
Engineers Pilates Instructors 
Home Care Providers and BusinessesYoga Instructors 
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How much does Errors and Omissions insurance cost in MA?

In Massachusetts, the average price for Errors and Omissions insurance is around $750 per year. However, it depends on the size of your business. Similar to other insurances, the greater the risk factor, the more you’ll need to pay to cover that risk.

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

  • The business’s goals, the location and risk appetite
  • The size and turnover of your company
  • The amount of insurance coverage you need
  • Your previous claims history whether or not there were there were any
  • The applicants – their skills, qualifications, and suitability for job , and if they have any claims history

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How do I get the Errors and Omissions insurance for my Massachusetts business?

BizInsure makes it simple to compare E&O policies with the highest-rated U.S. insurance companies, and discover 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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