Errors and Omissions Insurance in Virginia
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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. Professional Liability 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 795,624 small businesses in Virginia as of 202. They are responsible for 99.5 percent of businesses in the state, but these numbers are increasing.
No matter what industry that you’re working in, the kind of products you offer, or the nature of your services, mistakes may happen. While you may be an experienced professional but it only takes one mistake to start a suit against your company.
Errors and Omissions insurance is crucial for entrepreneurs with small businesses in order to safeguard their future financial security in a highly competitive market. Your business is protected against any claim arising out of your negligent actions (errors) as well as insufficient services (omissions).
What does Errors and Omissions insurance cover?
In Vermont, Errors and Omissions insurance covers your legal expenses up to the limits specified in your contract. It will help you save:
- Legal fees – The majority of lawyers are charged an hourly rate. Engaging an experienced lawyer can be costly, even if the issue is resolved quickly. Therefore, the longer it takes to get resolved, the more you’ll pay.
- Court Expenses – Filing documents in the court’s office, underwriting fees or other administrative costs and any other legal costs.
- Settlements to keep both sides in the pocket and to avoid costly, lengthy cost of litigation, the majority of cases are settled without the courtroom. You may have to pay an individual client a certain amount based upon the advice of your legal counsel.
- Judgments – If your case is put to trial, and the judge is for the plaintiff you’ll need to pay the amount that was adjudged to be fair. In the event that you do not, there is the possibility of a lien being applied against your business assets.
Who needs Omissions and Errors insurance in Virginia?
Professionals and companies whose job pertains to providing clients with counsel, informed recommendations or conceiving solutions, or who serve the needs of others may purchase Errors and Omissions insurance.
Regardless of whether the associated claim is valid or unsubstantiated, Errors and Omissions insurance will protect your professional reputation and profits as well as business assets from potentially expensive negative consequences.
Professions that generally require E&O insurance include, but are not limited to:
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How much does E&O insurance cost in Virginia?
In Virginia, the average cost for Errors and Omissions insurance is $812 per year. However, it is contingent on your particular business. Like other insurances, the more risky the element that you are exposed to, the more you likely have to pay for it.
The main factors that will determine the cost of your Errors and Omissions coverage are:
- Your company’s top priorities, location and risk appetite
- The turnover of your business and size
- The amount of insurance coverage you need
- Your prior claims history If there were any
- The individuals being covered – their qualifications and suitability for the position, as well as any claims from the past
How to get E&O coverage for Virginia business?
BizInsure makes it easier to compare E&O policies with the top-rated U.S. insurers and find the suitable coverage for your business at an affordable rate.
Learn more about E&O insurance in the states where you work.
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