How much errors and omissions insurance cost

Every industry is vulnerable to certain types of risks. For instance, a construction company may make mistakes that result in injuries to employees or property damage. A surgeon or other medical professional may commit an error or omission that results in an injury to a patient and leads to a medical malpractice lawsuit. Meanwhile, an attorney or financial advisor may give misleading advice to a client about a case or an investment decision.

If the business owner is found to be at fault, errors and omissions insurance can help with these payments. Damages and expenses. Bodily injury your business causes general liability policies typically cover that. Property damage your business causes.

Employee injuries or illnesses workers' compensation policies typically cover that. Discrimination or harassment claims from employees employment liability policies typically cover that. In general, errors and omissions insurance policies are claims-made policies, which means coverage must be in place at the time a claim is made in order for the insurer to cover it. If you provide professional services to customers for a fee, you should have some form of errors and omissions insurance.

How much this insurance will cost you depends on several things, including:. Whether there's a history of liability claims against your business. To find out how much your coverage will cost, get quotes from several insurance companies.

Errors and omissions insurance is a common type of coverage that major commercial insurers offer. Bundling coverage can make your shopping experience easier and help you save money. NerdWallet recommends getting quotes from several insurance companies before purchasing a policy so you can compare costs and coverage details. Businesses that provide services to customers for a fee likely need errors and omissions insurance or another kind of professional liability insurance.

Claims against your business may not be covered. Often, professional liability insurance is simply another term for errors and omissions insurance. Which term is used typically varies by industry. For example, legal and medical malpractice insurance are unique types of professional liability insurance. You miss a deadline while providing a service that negatively impacted your client. Someone claims that they lost money because you were negligent in providing business services.

Some other areas where errors and omissions insurance can provide coverage, include: Disciplinary proceedings — Costs to defend yourself in cases brought against you by a professional review board or licensing organization. Crisis management — Expenses for retaining a public relations firm after an accusation of professional negligence. Subpoena assistance — Costs to produce documents and testify in response to a subpoena.

What does Errors and Omissions insurance cover? How much does Errors and Omissions insurance cost? If your business is part of a field where a mistake is considered major and costly, you will likely pay more than if a mistake can be easily fixed at less cost.

Your claims and insurance history Having a history of insurance claims, canceling your policies early, and other related factors can lead to higher business insurance rates. When you get an instant quote online with Next Insurance, you will typically receive two or three options with our coverage recommendations. Unique, flexible coverage with easy monthly payments. Need a fast certificate of insurance?

General Liability. Protect yourself from accidents that cause physical injury or damaged property. Learn More. Shield yourself from lawsuits that claim your work errors caused financial losses. Workers' Compensation. Cover medical bills and lost wages if your employees have an accident at work.