What is Errors and Omissions (E&O) Insurance?
E&O insurance, otherwise known as Professional Liability, can protect your business against claims of negligence, misrepresentation or mistake. Typically, the allegation is that your services, products or employees caused some form of financial damage to a third party. Regardless of fault, litigation is expensive, drains time and damages reputation. Professional Liability insurance can protect professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of your services.
Coverage is provided for:
- Attorney fees and other legal expenses
- Costs and expenses related to a settlement
- Costs and expenses related to a judgment
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You can relax knowing you’ve secured the right insurance at a competitive price. BizInsure’s licensed and knowledgeable agents are here to help you find the right product.
Who needs Errors and Omissions (E&O) Insurance?
Any business that provides a service to others should consider E&O insurance. Also, any business that provides a product in which failure of that product could cause financial harm to others, should consider E&O insurance.
How much does Errors and Omissions (E&O) Insurance cost?
BizInsure offers policies from as little as $47/month, depending on the potential exposure you face and the amount of coverage you require. The following factors could impact the cost of your E&O Insurance policy:
- claims history
- geographic location
- length in business
- revenue size
- the size of your deductible
- the amount of coverage desired
- risk management procedures