Errors and Omissions Insurance
in West Virginia
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What is Errors and Omissions insurance?
An Errors and Omissions insurance policy (also known as E&O or Professional Liability insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing.
According to the U.S. Small Business Administration (SBA) Office of Advocacy, as of 2022, there were 111,614 small-scale businesses in West Virginia. They made up 98.8 percent of state-wide companies however, these numbers are on the rise.
Regardless of which industry you’re in, what type of products you sell or your services, there is the potential to make mistakes. While you may have an excellent track record but it only takes one wrong move to lead to a suit against your company.
Errors & Omissions insurance is essential to small business owners in order in order to protect their financial security in a highly competitive market. Errors and Omissions insurance covers your business from lawsuits that arise as a result of your negligent actions (errors) or insufficient services (omissions).
What does Errors and Omissions insurance cover?
In West Virginia, Errors and Omissions insurance will cover a variety of costs as long as they are within the limits that is specified in your insurance contract. You’ll save:
- Legal costs Lawyers typically are charged an hourly rate. Even if the case can be resolved quickly it’s costly to engage a competent legal counsel. The longer it takes the matter to be resolved then the more money you’ll likely spend.
- Court expenses Filing documents in court or underwriting fees and other administrative costs.
- Settlements are a way to save both parties from costly long-drawn-out litigation, usually claims are settled outside of court. You may have to pay an individual client a certain amount based upon the advice of your lawyer.
- Judgments – If your case is put to trial and the judge decides in favor of the plaintiff, then you may be ordered to pay the amount adjudged. If you don’t, there’s the possibility of a lien being placed against your business assets.
Who needs Errors and Omissions insurance?
Errors & Omissions insurance is generally recommended for professional and business owners whose work involves offering advice, providing educated recommendations, or devising solutions.
Whatever the claim is valid or unsubstantiated, Errors and Omissions insurance helps safeguard your professional reputation and profits as well as business assets from costly negative consequences.
Professions that normally require Errors and Omissions insurance include but are not only:
|Home Care Providers and Businesses
How much does E&O insurance cost in The Mountain State?
In West Virginia, average annual cost for Errors and Omissions insurance is $626. However, it is based on the size of your company. Like other insurances, greater the risk element is, the more you’ll be charged to cover it.
The factors that determine the cost of your Errors and Omissions coverage include:
- Your business’ priorities, location and risk appetite
- The turnover of your business and size
- The amount of insurance you require
- If any, your previous claims history
- The people being covered are their qualifications, qualifications, fit for the job, and any past claims
How to get Errors and Omissions insurance for my West Virginia business?
BizInsure makes it simple to compare E&O policies with top U.S. insurance companies, and then find the most suitable protection for small businesses with a cost-effective price.
Learn more about errors and omissions insurance in the states where you work.
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