Errors and Omissions Insurance in
North Carolina
- Compare quotes in a matter of minutes with no commitment to buy
- Purchase online to instantly receive confirmation of your coverage
- Access only top-quality insurance companies (A-rated or better)
What 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. This type of coverage is also sold as Professional Liability insurance.
According to the U.S. Small Business Administration’s Office of Advocacy, there were 994,576 small businesses in California as of 2022. Even though they made up 99.6 percent of all Californian companies, these numbers are on the rise.
No matter the industry you’re in, what types of products that you offer, or the nature of the services you provide, there is a chance for making mistakes. Even if you’ve got an excellent track record, an error could be the cause of a lawsuit against your business.
Errors & Omissions insurance is crucial to small-scale businesses to protect their financial security within a competitive market. Errors and Omissions insurance defends your business against claims caused by your negligent actions (errors) or inadequate services (omissions).
What does Errors and Omissions insurance cover?
North Carolina’s E&O insurance covers expenses from accepted claims up to the policy limits, including:
- Legal Costs – Lawyers typically cost an hourly fee. Even if your case is resolved quickly, it can be costly to engage a competent legal counsel. Also, the longer the matter needs to be resolved the more you’ll have to pay.
- Court Expenses – Filing documents with the court, the cost of underwriting as well as other administrative costs and any related legal expenses.
- Settlements – To help save each party from the expense of lengthy litigation, most claims are settled outside of court. You might need to pay an individual client a certain amount, depending on the recommendation of your lawyer.
- Judgments– In the eventuality your case is put to trial, and the judge makes a ruling in favor of the plaintiff you’ll need to pay the adjudged amount or run the risk of having a lien imposed on your business assets
Who needs Errors and Omissions insurance?
Professionals and businesses whose work involves providing clients with expert advice, educated advice and solutions, or who are able to represent the needs of other people should purchase Errors and Omission insurance.
No matter if the claim is true or not, Errors & Omissions insurance can safeguard you, the business, and your image from the repercussions of a costly mistake.
Professions that may require Errors and Omissions insurance include but aren’t limited to:
| Architects | Notary Publics |
| Consultants | Personal Trainers |
| Engineers | Pilates Instructors |
| Home Care Providers and Businesses | Yoga Instructors |
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 North Carolina, the average cost for Errors and Omissions Insurance is $698 per year. However, it depends on your particular business. Similar to other insurances the more risk factor, the more premium you’ll have in order to cover that risk.
Factors that will determine the expense of your errors and Omissions are:
- Your business’ priorities, location and risk appetite
- The size and turnover of your business
- The amount of insurance coverage you need
- If so, what was your prior claims experience
- The person being covered is their skills, qualifications, and suitability for position and whether they have any claims history
How can I get Errors and Omissions insurance for my North Carolina business?
BizInsure allows you to compare E&O policies with top U.S. insurance companies. BizInsure will find the most suitable protection for small businesses at a price that is affordable.
Learn more about E&O insurance in the states where you work.
© 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
