Errors and Omissions Insurance
Alleged or otherwise, mistakes are inevitable. That’s why Errors and Omissions Insurance is critical.
This policy provides financial coverage in case of accidental errors or alleged negligence.
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What is Errors and Omissions Insurance?
Errors and Omissions Insurance (E&O), also referred to as Professional Liability Insurance, provides financial protection for professionals against claims and lawsuits alleging negligence or failure to deliver a service or product as promised.
Who needs Errors & Omissions Insurance?
If a client believes you failed to deliver a service as agreed or are negligent, they may file a lawsuit against you.
Errors and Omissions Insurance is recommended for any professional who:
- Gives advice or offers a service for a fee.
- Develops and provides devices and products.
What is the cost of E&O Insurance?
For a typical small-business, you can anticipate spending approximately $250 annually on a basic professional liability insurance policy with a $100k limit.
The following factors are taken into consideration when determining the best Errors and Omissions insurance policy options for you:
- Industry and Services Offered
- Annual and Project Revenue
- Number of Employees
- Years of Experience
- Business Size and Location
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Common scenarios where Errors and Omissions Insurance is useful
Problem: You are an accountant and you fail to file necessary documents. The result is financial loss for your client.
Outcome: Your client successfully sues you, claiming that the omissions led to financial loss. Your E&O insurance covers the legal expenses and monetary judgement, totaling $23,000.
Problem: You are a lawyer. Due to miscommunication, you file an action before receiving consent from your client, which they do not approve of.
Outcome: Your client successfully sues you for malpractice and your E&O insurance covers the legal expenses, totaling $62,000.
Problem: You are an architect and accidentally provide a faulty design for a construction company. The mistake is not discovered until construction is already underway.
Outcome: The client sues you for the cost to extend the project. Your E&O insurance covers the costs, totaling $180,000.
Which professions require E&O Insurance?
Regardless of the type of professional services business you run, Erros and Omissions insurance is critical:
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
Frequently Asked Questions about Errors and Omissions Insurance
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