Errors & Omissions Insurance2018-11-29T22:19:46+00:00

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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Errors and Omissions Insurance

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:

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

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The Zensurance team was responsive, professional, and knowledgeable. Zensurance knew exactly what we were asking for after a few minutes on the phone. I would highly recommend them for liability insurance especially if you’re not sure what you need to protect your business.

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