/ BLOG

Errors and Omissions Insurance Rhode Island

Feb 17, 2023 · 4 minutes to read

Businesswoman holding tablet at conference tablet having company meeting

What is Errors and Omissions Insurance?

Data from the Small Business Administration’s Office of Advocacy shows that the Ocean State is home to over 108,000 small businesses. These companies represent a diverse list of occupations, including real estate agents, notary publics, general contractors, and home health aides.

Regardless of industry, many of these businesses could benefit from having small business insurance in Rhode Island, including Errors and Omissions insurance.

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

Keep reading to learn more about Errors and Omissions insurance in Rhode Island and how to compare multiple quotes with BizInsure.

What does E&O insurance cover in Rhode Island?

Errors and Omissions insurance in Rhode Island provides important coverage for professional service providers. Policies typically cover events such as:

  • Errors, mistakes, or omissions in your work
  • Underdelivered services and missed deadlines
  • Unintentional breaches of contract
  • Professional negligence

E&O insurance helps small businesses protect themselves against financial loss and damage to their reputation. A policy will help you pay your legal defense costs resulting from a covered claim or lawsuit. This typically includes costs such as:

  • Hiring an attorney
  • Documentation charges and court fees
  • Settlements
  • Judgements you are ordered to pay

Without E&O insurance, these costs would be solely your responsibility, and paying them could quickly drain your bank accounts. In some cases, liability lawsuits force small businesses to close their doors permanently. Errors and Omissions insurance for Rhode Island businesses could help stop this from happening to you.

Who needs E&O insurance in Rhode Island?

Many types of businesses consider Errors and Omissions insurance in Rhode Island. The coverage a policy provides might benefit you if you regularly:

  • Give clients advice or recommendations based on your professional knowledge and experience
  • Design custom solutions for clients
  • Represent a client’s interests on their behalf
  • Employ others who do any of the above

Occupations that typically consider E&O insurance include:

  • Real Estate Agent
  • Notary Public
  • Architect
  • Engineer
  • Consultants
  • Accountant or Bookkeeper
  • Home Health Aide
  • Publisher

If you’re a professional service provider in Rhode Island, compare multiple quotes for E&O insurance online now.

Is Errors and Omissions Insurance required In Rhode Island?

E&O insurance is required by law in Rhode Island for certain professionals. For example, real estate Errors and Omissions insurance is mandatory to receive a real estate license and work in the state.*

The Department of Business Regulation has full details on insurance requirements for professional service providers working in the Ocean State.

How much does Errors and Omissions Insurance cost in Rhode Island?

The amount you will pay for an E&O insurance policy depends on several factors, including:

  • Your occupation or industry
  • Annual revenue
  • The amount of coverage you choose
  • How many employees will be covered by your policy
  • Your employees’ experience and licensing
  • Past claims history

Your E&O premiums may vary from other small businesses (even those in your industry) depending on the factors listed above and others. You may be able to find the best coverage for your business at a price that fits your budget by comparing multiple quotes with BizInsure.

 

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.
© 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

Get Free Online Quotes and get coverage instantly

The coverage you need for your business.

Business insurance is divided into different policies. We offer 4 types so it's easy to design the coverage that fits your business.

Professional Liability Insurance

Get a quote

General Liability Insurance

Get a quote

Business Owner’s Policy (BOP)

Get a quote

Workers Compensation Insurance

Get a quote

Let's find

The coverage you need for your business

Professional Liability Insurance

Get a quote

General Liability Insurance

Get a quote

Business Owner’s Policy (BOP)

Get a quote

Workers Compensation Insurance

Get a quote

Communication was excellent and the process was easy.
Jessie R.
1695153508
I have been using Bizinsure for several years and find the ease of renewing as well as generating additional insured certificates to be easy and useful, especially as a sole prop. thank you
Michelle C.
1695060008
Kaleb tailored the right coverage to our business. Customer service was good and gave great understanding of coverage. Thank you from Goleda's Gentle Homecare LLC
Aneesah M.
1695056651
BizInsure is very easy to do business with, they contact me for policy renewal so I never miss it and renewing is very easy!
carrie W.
1695048243
A GOOD COMPANY FOR HEALTH CARE INC
Supreme A.
1694871640
Easiest & fastest online quote and purchasing experience out there. Inside of 10 minutes I had a quote, payment draft, and policy in force... and at the most competitive GL rates I found.
Rusty H.
1694699044
very quick and prompt service.
Sally Jo W.
1694180429
caleb was great in helping me navigate thecorrect liabilty insurance for my company
Lindsay Erin P.
1694135867
Friendly fast service I recommend you to all vendors
Terry R.
1694133043
Great
Kemi S.
1694119021
Great Customer service and easy renewal process!!!! I would refer this company to anyone.
Chris H.
1694038325
Great company easy to work with, Andrew was very helpful,you can call him any time he is ready to listen and help
Olu A.
1693959486
Good customer service indeed
BASSI T.
1693944217
I am really satisfied BizInsurance. I was having a hard time getting insurance for my business. And when I called them they was knowledgeable in what I needed for my business. Thank you now I can get started with my business. I’m excited.
Geneva B.
1693603091
Very helpful! The representative called me and got things fixed very quickly.
Carrie L.
1692930149
I’m covered! The process was easy and friendly agents to assist you with identifying the right choices.
The best customer service I have ever received over the phone!
Kristyn C.
1692043445
js_loader
Google Rating
4.6
Based on 181 reviews
×
js_loader