Errors and Omissions Insurance
We all make mistakes. That’s why having Errors and Omissions Insurance is critical.
This policy may cover financial liability in case of accidental errors or alleged negligence.
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What is Errors & Omissions Insurance?
Errors and Omissions Insurance (E&O), also referred to as Professional Liability Insurance or Malpractice Insurance, is a useful policy that protects you in case you allegedly make a mistake while delivering a product or service or fail to deliver on what you promised.
E&O covers defence costs, judgment, settlements and fines or penalties resulting from the allegations of misrepresentation, breach of professional services, wrongful business practices, misleading advice and conflict of interest.
What is Not Covered?
Other policies may be required in addition to an E&O insurance and circumstances may call for specific extra coverage.
When getting a small business E&O insurance policy, make sure to learn about the following extra coverage as they are typically not included by default:
- Cyber liability insurance
- Professional liability insurance
- Business interruption insurance
- Vehicle insurance
- Commercial property insurance
- Equipment breakdown insurance
In almost all circumstances, Errors and Omissions Insurance does NOT cover damages or injuries resulting from intentional acts.
Who needs E&O Insurance?
The following professionals should definitely have errors and omissions insurance:
- Physical therapists*
- Financial advisors
*Medical malpractice insurance policy
Read about some common scenarios of errors and omission insurance claims.
What is the Cost of Errors and Omissions Insurance?
The cost of an E&O policy varies according to factors such as:
- Level of experience in the industry
It also depends on the nature of your work and the size of your particular business, but generally speaking, here is a breakdown of costs:
- Consultants start at $400
- Engineers pay around $1000
- Software developers start at $500
- Photographers start at $300
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Which Businesses Require E&O Insurance?
Regardless of the type of business you own, Errors and Omissions Insurance is critical for almost any business including:
Aerial and ground based Photographers / Videographers
Architects & Engineers
Building Designers (Bill 124)
Directors and Officers
Energy Audits & Assessments
Foreign Legal Consultants
Human Resources (HR) Consultant
Information Technology & Computer Consultants
Lawyer’s Excess Professional Liability
Medical Professionals (Malpractice Insurance)
Medical Students (Malpractice Insurance)
Occupational Health and Safety Consultants
Quality Control Consultants
Publishers and Printers
Recruitment and Employment Agency
Solar & Wind Farm Engineers & Consultants
Travel Agents, Tour operators
Workplace Engineers & Consultants
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