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 Does Errors & Omissions Insurance Cover?
The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm.
Errors & Omissions Insurance is sometimes required under contract by other businesses that are the beneficiaries of the advice or service. Because this insurance coverage is based on your specific line of work, the protection is different from one industry to the next.
For example, a software company would want protection against the software crashing or a security breach, while an accountant would want protection against mistakes in a tax calculation.
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:
- Doctors*
- Dentists*
- Chiropractors*
- Physical therapists*
- Lawyers
- Accountants
- Engineers
- 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:
- Industry
- Level of experience in the industry
- Revenue
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:
Accountants
Accounting Firm
Actuaries
Advertising
Aerial and ground based Photographers / Videographers
Alternative Energy
Architects & Engineers
Appraisers
Bookkeepers
Broadcasters
Building Designers (Bill 124)
Business Consultant
Chiropodists
Civil engineers
Collection Agencies
Consultants
Chiropractors
Design Firms
Directors and Officers
Employment Agencies/Recruiters
Engineers
Environmental Engineers
Energy Audits & Assessments
Financial Advisors
Financial Planners
Foreign Legal Consultants
Holistic Professional
Hotel Consultant
Home Inspectors
Human Resources (HR) Consultant
Immigration Consultants
Information Technology & Computer Consultants
Interior Designers
IT Contractor
IT Specialist/Technician/Programmer
Independent Contractor
Product Designers
Professionals Liability
Lawyer’s Excess Professional Liability
Management Consultants
Medical Related
Medical Professionals (Malpractice Insurance)
Medical Students (Malpractice Insurance)
Multimedia designers
Mortgage Brokers
Naturopaths
Occupational Health and Safety Consultants
Quality Control Consultants
Placement Agencies
Podiatrists
Process Servers
Private Investigators
Project Managers
Property Managers
Paralegals
Publishers and Printers
Recruitment and Employment Agency
Recruitment Consultants
Safety Engineers
Service Organizations
Solar & Wind Farm Engineers & Consultants
Staffing Agencies
Structural Engineers
Sub Contractor
Surveyors
Therapist Professionals
Training Providers/Trainers
Travel Agencies
Travel Agents, Tour operators
Web-Site Designers
Web Developers
Workplace Engineers & Consultants
Frequently Asked Questions about
Errors and Omissions (E&O) Insurance
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Common scenarios where E&O Insurance is useful:
An Accountant fails to file particular documents, and the client sues, claiming that the omissions led to financial loss for him.
Due to miscommunication, a lawyer fails to take her client’s consent before taking a particular action and the client decides to sue for malpractice.
Design errors by an Architect could become costly when discovered after construction is already underway. Expect the developers to sue!
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