Errors and Omissions Insurance
in South Carolina
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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 are 463,549 small businesses operating in The Palmetto State as of 2022. In addition, they comprised 99.8 percent of the business in the state, these figures are steadily on the rise.
Mistakes can happen, no matter the industry you are in, the product you offer or the nature of your services. Even if you have a great track record an error could be the cause of a lawsuit against your company.
Therefore, in today’s highly competitive business environment, where clients are getting more exigent in their demands, Errors and Omissions insurance is important to help small-scale business owners secure their financial future. Your business is insured against any legal claims that arise from your carelessness (errors) and inadequate services (omissions).
What does Errors and Omissions insurance cover?
In South Carolina, Errors and Omissions insurance provides a variety of costs that are up to the amount stipulated in your insurance contract. It will help you save:
- Legal fees – The majority of lawyers charge an hourly fee. Even if the issue can be resolved in a short time the cost can be high to hire good legal counsel. Also, the longer the matter is resolved, the more you’ll spend.
- Court Expenses – filing documents in the court’s office, charges for underwriting along with other administrative costs and any associated legal expenses.
- Settlements – To keep both sides in the pocket and avoid lengthy, expensive litigation costs, most claims are settled without court. It is possible to have to pay your client a specified amount based upon the advice of your legal counsel.
- Judgments – In the event that your case does go to trial and the judge finds in favor of the plaintiff, you will be required to pay the adjudged amount, or take the risk that a lien will be placed upon your assets as a business
Who may need Errors and Omissions insurance?
Professionals and businesses whose business involves providing clients with information, advice, and educated suggestions and designing solutions, as well as those that represent the requirements of other people often purchase Errors and Omissions insurance.
Whatever the assertion is true or unsubstantiated, Errors and Omissions insurance will protect your professional reputation along with your business profits and assets from potentially expensive effects.
Professions that normally require Errors and Omissions insurance include but aren’t limited to:
|Home Care Providers and Businesses||Yoga Instructors|
What is the price of Errors & Omissions insurance?
In South Carolina, the average annual price for Errors and Omissions Insurance is approximately $731. However it depends on your business. Like other insurances the more risk factor, the greater the amount of premium you’ll need to pay to protect that risk.
Factors that determine the expense of your errors and Omissions are:
- Your company’s priorities, location and risk appetite
- Your company’s revenue and size
- The amount of insurance coverage you require
- The history of your previous claims, if any
- The applicants – their qualifications, their suitability for the position and whether they have any history of claims
How do I obtain E&O insurance for my South Carolina business?
BizInsure makes it easy to compare E&O policy with the most reputable U.S. insurance companies, and then find suitable insurance for small-scale businesses at an affordable cost.
Learn more about E&O insurance in the states where you work.
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