1-877-900-9998 Call

What is Errors and Omissions Insurance

According to the U.S. Small Business Administration, there are around 2.6 million small businesses in Texas and these small businesses makeup 99.8% of all businesses within the state. Small businesses that provide professional services or give advice to clients should consider purchasing Errors and Omissions Insurance in Texas.

Errors and omissions Insurance is commonly known as professional liability insurance. This is a special type of insurance policy that protects you and your company against third party lawsuits as a result of a professional error or negligence. Even if you have years of experience in the industry, there is still a chance that you might make a mistake in your professional capacity. And this error could have a big financial impact on your business.

Take for example you offered a professional service that did not suit your customer. They suffered personal and financial damages after using your offering. As a result, the customer initiates a lawsuit against your company. In such a situation, an Errors and Omissions Insurance policy can help you meet expenses incurred while defending your company.

 

What does Errors and Omissions Insurance cover

The following aspects are covered under Errors and Omissions Insurance in Texas:

  • Actual or alleged negligence: The policy protects your business against both actual and alleged claims of errors and omissions that may have occurred while providing professional services.
  • Legal and defence expenses: All legal expenses incurred while defending your company such as lawyers’ fees, documentation and underwriting charges, and administrative costs are covered by Errors and Omissions Insurance.

These aspects are NOT covered by Errors and Omissions Insurance in Texas:

  • Illegal acts
  • Intentional malpractice
  • Known claims and circumstances
  • Fraud and dishonesty
  • Property damage

Who needs Errors and Omissions Insurance?

Professionals and businesses that provide professional services such as giving advice, making educated recommendations, designing solutions or representing the needs of others all have errors and omissions liability exposure. Errors and Omissions Insurance can safeguard your professional reputation, profitability, and business assets from the potentially astronomical expenses of litigation (whether justified or not).

Here are examples of professions that need Errors and Omissions Insurance:

Architects Notary Publics
Consultants Real Estate Agents
Engineers Publishers
Home Care Providers and Businesses Accountant

 

How much does Errors and Omissions Insurance cost

The cost of Errors and Omissions Insurance is influenced by many factors; therefore, it is hard to predict the exact cost of your insurance. However, on average, the yearly cost of Errors and Omissions Insurance for small businesses in Texas is around $894.

The following factors might have an impact on your Errors and Omissions Insurance premium:

  • The type of your occupation – some professions are inherently riskier than others from an insurance standpoint. The riskier the occupation, the higher the cost.
  • Your business turnover and size – bigger sales mean that the company either undertakes larger projects or has more projects by volume. Both of these situations contribute to either a larger lawsuit or a higher risk of being sued.
  • The amount of insurance coverage you require
  • The individuals being covered – are they qualified for the job they are performing, and do they have a previous history of claims
BizInsure LLC
4.3
Based on 36 reviews
Hiscox/BizInsure made getting Liability Insurance very easy and reasonable.I expected it to be a long and complicated process and it was a nice surprise that they made it so uncomplicated. Thank you. Lisa
Lisa Word
Lisa Word
21:51 24 Nov 20
Eugene was incredible. I called 4 other brokers before him who were impossible to get any help.
rhonda hale
rhonda hale
23:26 12 Nov 20
Owner
Owner
23:19 06 Nov 20
Cincere Browdy
Cincere Browdy
15:16 29 Oct 20
Very quick to get in touch with you and good with follow up. Had some trouble retrieving my quote to log into my account initially but Daniel assisted me and the changes were made to get me into my account. Great value for the money.
Fran Sutton
Fran Sutton
16:34 20 Sep 20
Very happy to be insured with this company. Professional, Timely, very helpful. Thank you Juan, you made it so much easier for me to understand.
Aileen Day
Aileen Day
19:55 15 Sep 20
This company responded when I needed them to respond while facing a deadline. They are an excellent choice for business Insurance.
Michele Harris
Michele Harris
01:52 12 Sep 20
Jose Quintero took such great care of me and was very patient explained everything I did not understand and got me set up quickly. Fabulous customer service
Christina Rose
Christina Rose
02:41 27 Aug 20
I can't say enough good things about Daniel Santos kind and effective communication skills as an insurance agent. Daniel was so pleasant, friendly and efficient with helping me obtain insurance as a teacher. If I were to give Daniel a grade, he has earned an At . He made the process easy to understand, it was far easier than what I anticipated. Nancy S.
Nancy Sloan
Nancy Sloan
00:47 26 Aug 20
I was in need of professional liability insurance for my sole proprietorship. A friend referred me. Everythng was quick and simple and AFFORDABLE!
hope jones
hope jones
20:31 25 Aug 20
If you need Private Home Care Provider insurance for your company, BizInsure, LLC can get it for you!
Pamela Curry
Pamela Curry
16:45 24 Aug 20
Cameron Peek
Cameron Peek
19:25 24 Jul 20
Great and fast service!!!! The representative was very professional!!!!
Tanya Sweet
Tanya Sweet
19:51 14 Jul 20
I was tryi9ng to find commercial liability insurance for my new comp-any and BizInsure was easy to use and very affordable which is great for me as a new business.
Jimmy Smith
Jimmy Smith
19:01 14 Jul 20
Great service, but they're also extremely patient. I called over a month ago for specialized E & O coverage, and Bizinsure was able to put me in touch with an extremely reasonable quote. Absolutely invaluable time and monetary savings to be had by going through these folks. If you can-- ask for Anthony. Absolute gem of a human.
James Lang
James Lang
18:19 02 Jul 20
Ken M
Ken M
23:21 28 Jun 20
Great service insurance prices are great for professionals looking to get insurance for businesses....
Rhonda Gray
Rhonda Gray
22:34 22 Jun 20
The provided very professional service and made the process easy.
Paul Rising
Paul Rising
21:51 04 Jun 20
Bradley Hoyle from the Biz Insure team was excellent to work with. Everything was quick and smooth. Great service, much appreciated!
Kristene Smith
Kristene Smith
02:03 04 Jun 20
Anthony Spencer was great!! Very quick response time!! He was very Professional! I would suggest him because he helped me find a affordable rate and explained all the technicalities..
Fre Hall
Fre Hall
16:38 28 May 20
I was referred to Bizinsure by a industry trade group that I am a member of. It was easy to get a quote online and then received excellent customer service from Bradley H. to complete my policy purchase over the phone. I have shared this company information now with other business owners for their policy needs.
Dawn Torres-Gale
Dawn Torres-Gale
22:11 08 May 20
This company was very precise with explaining services and made sure I chose the right business insurance coverage, great customer service at purchasing.
Nekeisha B.
Nekeisha B.
01:30 05 May 20
Amazing
Jasmine Q
Jasmine Q
14:31 02 Dec 19
Trish is the most patient, professional and understanding insurance agent I’ve ever worked with. Trish has taken care of all my business insurance needs for the last couple years. I am really happy that I found an insurance agent that I know will take care of me & all of my concerns. I feel like a valued customer & I appreciate the great customer service that I get every time!!THANK YOU!
Dr. Youssef C. Atallah
Dr. Youssef C. Atallah
17:21 14 Nov 18
Tricia helped me get insurance for my business. The task of obtaining a quote was really starting to frustrate me until I was referred to BizInsure through a different agency. Tricia got me a quote fast, and even took a down payment over the phone and issued the proof of insurance the same day. a+ service, would do it again in a heartbeat!! Thank you!!
Josh Mariscal
Josh Mariscal
18:07 22 Jun 18
BizInsure was a great find! I did not have to fill out applications, and Tricia was able to quote and bind business insurance for me within half an hour.
Allison Young
Allison Young
17:28 21 Jun 18
Started doing business again and needed a policy fast. Ramez was reasonable, helpful and the rates are OK. Buyer beware? Sure, for me it turned out OK this time. Worth a call.
Mark Wallace
Mark Wallace
23:42 13 Nov 17
Daniel Scott
Daniel Scott
15:15 27 Jun 17
Great customer service. I've been very inpressed with my dedicated representative that had helped me navegate my insurence needs. Thanks so much!
Graham Blair
Graham Blair
22:12 23 Jun 17

Popular Searches