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What is Errors and Omissions insurance?

Errors and Omissions (E&O) insurance protects you from claims raised due to unintentional mistakes made in the professional capacity. E&O insurance is also called Professional Liability insurance.

According to the U.S. Small Business Administration’s Office of Advocacy, there are 367,405 small-scale businesses in the Sooner State as of 2022. They are responsible for 99.4 percent of all state-wide businesses However, the numbers are on the rise.

There are many opportunities to be a victim of mistakes, regardless of which industry you’re in, the products that you market or the nature of your business. Even if you have a great track record the only thing you need is one mistake to cause suit against your company.

Therefore, in a competitive business environment, in which clients are increasingly becoming more exacting in their demands, Errors and Omissions insurance helps small business owners secure their financial futures. Errors and Omissions insurance safeguards your company against claims arising from your negligent acts (errors) or inadequate services (omissions).

What does Error and Omissions insurance cover?

Oklahoma’s Errors and Omissions insurance covers costs up to the maximum amount stipulated in your contract. It helps you pay for unplanned expenses, like:

  • Legal costs Lawyers generally charge an hourly fee. Even if a case is settled quickly, it can be costly hiring a reputable legal professional. Therefore, the longer it needs to be resolved the more you have to pay.
  • Court Expenses – Filing documents with the court, charges for underwriting or other administrative costs and any legal costs related to it.
  • Settlements: To make both sides financially more efficient and to avoid costly, lengthy litigation costs, most claims are settled without the courtroom. Depending on what your legal counsel advises on your behalf, you may have to pay your client a specific amount.
  • Judgments – If your case is put to trial, and the judge makes a ruling for the plaintiff then you must pay the amount adjudged. If you don’t, there’s the possibility of a lien being secured against the assets of your business.

Who may need Errors and Omissions insurance?

Errors and Omissions insurance is recommended for businesses and professionals whose job involves offering advice, providing educated guidelines, or creating solutions.

Regardless of whether the associated claim is genuine or not, Errors and Omissions insurance protects your professional reputation along with your business profits and assets from potentially expensive negative consequences.

Many professions may require Errors and Omissions insurance. These include among others:

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

In Oklahoma, the average cost for Errors and Omissions insurance is $886 per year. However, it depends on the business you operate. Like many insurances, the riskier the element is, the more you’ll likely have to pay for it.

These are the elements that can affect the cost of your Errors and Omissions coverage:

  • The priorities of your business place of operation, as well as risk appetite
  • The size and turnover of your business
  • The amount of insurance coverage you require
  • The history of your previous claims If you have you have any
  • The people being covered are their qualifications, suitability for the job, and any previous claims

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How can I get E&O insurance for my Oklahoma business?

BizInsure allows you to compare E&O policy options with top U.S. insurance companies, and get excellent insurance for small-scale businesses 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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