How much does Errors & Omissions Insurance cost?

At Bizinsure, we analyzed data from more than 5000 of our customers showed that regardless of the industry or policy limits, the average yearly cost of Errors & Omissions Insurance for a small business is $767.24. As a yearly median cost this is $600.

However, as you can see from the chart below, 55% of small-business owners who buy an of Errors & Omissions Insurance policy through BizInsure pay less than $600 per year.

Average Monthly Premium For E&O Insurance

What Factors will affect Errors & Omissions Insurance Cost for Small Business

The industry your business is operating in

A lot like General Liability Insurance, the industry your business operates in, does have an impact on what you will pay for your Errors & Omissions Insurance policy. One of the easiest ways to look at it is the higher the risk of your business being sued, the higher the cost of your policy.

When you apply for an Errors & Omissions Insurance policy, there are a few things which your business will be assessed on before coming back with a price. One of the most important things insurers will look at is what would be the possible cost of loss or damages if a claim were to result from your negligence.

Here’s a breakdown of Errors & Omissions Insurance cost by industry:

Average Cost Of E&O Insurance By Industry

Policy Limits You chose

Policy limits have a huge impact on the cost of Errors & Omissions Insurance. They determine how much coverage a business receives, As you can see from below chart, the higher the level of coverage, level of service or quality of the product the more we pay.

How Policy Limit Impact The Cost Of E&O Insurance

Factors which small business’ take into consideration when selecting the limit of their policy coverage include:

  • Legislative and/or industry association requirements– For some particular occupations, a minimum amount of coverage is required before opening and operating your business.
  • Contracts – If your business accepts contracts you will need to think of how much coverage is enough coverage in the event that something could go wrong and where you could be held liable.
  • How many employees do you have? A good way to look at this is the more employees you have, the more likely the chance of a claim occurring, and in the unfortunate event a claim were to arise could you pay multiple claims at once?

Here is a breakdown into the popularity of the various limits for Errors & Omissions Insurance also known as Professional Liability Insurance

Which E&O Insurance Limits Do Small Business Choose?

Love it
Hanna R.
1708272180
Every year, BizInsure is my go to for general and professional liability insurance! Thenrates are unbeatable.
Calandra K.
1708044666
The agent was quick and efficient in generating a quote for my needs.
Theresa F.
1707895796
I enjoy working BizInsure they always answer all my questions and make sure i have the correct coverage for my business.
Prompt and professional service from Biz Insure. Thanks Leslie and Liza!
Bev G.
1707524454
Very easy to sign up for insurance.
Great company
Brown G.
1706896003
Fast and efficient!
Kim C.
1706746693
عالی
alireza J.
1706727364
It was great being able to get a policy that suits my company's need in less than 30 minutes. They were vey thorough. Very competitively priced.
Lynette C.
1706621476
I worked with Andrea for another start up business. She was very knowledgeable and help me pick the correct policy. Amazed at how quickly the process went.
Representative was very kind, helpful, and educated me well. I appreciated today's prompt service with confirmation that I was satisfied with what was provided to me.
Tina P.
1706224051
Great company for.your low cost business insurance needs.
constantin T.
1706156911
Staff was very fessional and friendly. I was able to get a quote and move forward within 20 minutes.
Pebbles S.
1706126428
Wonderful
Complete C.
1705788054
MUY BUENO
Super easy process.
Ashley G.
1704830227
It’s very easy to understand and at a very reasonable price.
Mary M.
1703780096
Professionalism, Quality, Responsive and budget friendly
B D
1703029371
Great rates, easy to understand and select appropriate coverage, can get in a jiffy
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1702775397
I have been a customer of BizInsure for a few years now and I love it. There customer service is awesome and the prices are affordable.
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1702132165
Quick easy experience! The rep was knowledgeable & pleasant. Customer care was awesome to respond and clarify my concerns.
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bizinsurance makes purchasing Business Insurance...SIMPLE!
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1701380391
Great quality of Service ,faster and convenience way to pay at most. Thank you for your Service to my Healthcare Facility .
Quick and easy!!!!
Terry
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Great service! Easy process and very informative representative. Andrea was great and very patience with our process. I would recommend using them!!
Terrance R.
1700848536
Always and easy process. Thanks!
Gerald S.
1700244544
Renewal was quick and easy online
Angelita K.
1699752900
I had a great experience working with Andrea from BizInsure. She was extremely knowledgeable, helpful, and responsive throughout the entire process. She guided me through the different options available and helped me find the perfect home care professional liability insurance policy that suited my needs. Her professionalism and expertise made the entire experience smooth and hassle-free. I highly recommend working with Andrea and BizInsure for all your insurance needs.
Juliette S.
1699032636
Easy to submit an application and to get quotes
Simone S.
1698775217
I had the most pleasant prompt and professional experience of my life with Bizinsure. Everything was completed in record time, at an unbelievable cost…and my certificate of Insurance was promptly emailed to me. Most of all it was effective immediately. No hassle no back & forth, just great service highly recommend to all small businesses.
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Excellent
advanced U.
1697824466
Great service. Very professional and cordial. Thanks
Jeremiah U.
1697064641
BizInure has been a great company for our insurance needs. I wish customers services was 24/7, that would make it a five stars
Novilette L. J.
1696828014
Easy to navigate what you need. Always notify ahead of renewal!
Athena T.
1696646371
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