Errors and Omissions Insurance in
New Mexico
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What is Insurance for Errors and Omissions insurance?
Errors and Omissions insurance, 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’s Office of Advocacy 2022, there are 161,921 small businesses operating in New Mexico. They accounted for 99 percent of businesses in the state, and these numbers are increasing.
There are always opportunities to be the victim of mistakes, regardless of what industry you work in, the products that you market or the nature of your products or services. Even if you have an impressive track record any error can cause a lawsuit against your business.
Errors & Omissions insurance is essential to entrepreneurs in small companies in order to safeguard their future financial security in a highly competitive market. Your company is secured against any claim arising out of your mistakes (errors) and insufficient services (omissions).
What does Error and Omissions insurance cover?
New Mexico’s Error and Omissions insurance covers your legal costs up to the amounts specified in the contract. It will allow you to save on:
- Legal Costs Lawyers usually have an hourly charge. Hiring good legal counsel is costly, even if the issue is resolved quickly. So the longer the issue requires to resolve, the more you’ll spend.
- Court Costs Filing documents with court or underwriting fees and other administrative expenses.
- Settlements: To keep both sides in the pocket and avoid lengthy, expensive cost of litigation, the majority of cases are settled outside of the courtroom. In accordance with what your lawyer advises, you may need to pay your client a specific amount.
- Judgments If your case is put to trial and the judge is for the plaintiff, then you’ll have to pay the amount judged. If you don’t, there’s the possibility of a lien being secured against the assets of your business.
Who really needs Errors & Omissions insurance?
Businesses and professionals whose work is to provide clients with expert advice, educated advice and solutions, or that represent the requirements of others should get Errors and Omissions insurance.
Regardless of whether claims are valid or not, Errors & Omissions insurance will safeguard you, your business, and your reputation from the repercussions of a costly mistake.
Professions that usually require Errors and Omissions insurance include:
| Architects | Notary Publics |
| Consultants | Personal Trainers |
| Engineers | Pilates Instructors |
| Home Care Providers and Businesses | Yoga Instructors |
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What is the cost of Errors and Omissions insurance?
In Average, the annual cost for Errors and Omissions insurance is $845 in New Mexico. However, it depends on your particular business. Like any insurance, the more risk involved, the higher your premium may be.
These are the factors that can affect the cost of your Errors and Omissions policy:
- Your company’s top priorities are location, risk appetite and priorities
- Your company’s turnover and size
- The amount of insurance coverage you require
- If any, your previous claims are from the past.
- The person being covered is their qualifications, their suitability for the position and whether they have any previous history of claims
How can I obtain Errors and Omissions insurance for my New Mexico business?
BizInsure allows you to compare E&O policies with the top-rated U.S. insurers easily and get the best insurance for your small business at an affordable price.
Learn more about E&O insurance in the states where you work.
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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