Professional Liabilities / E&O
Because of the growing number of costly lawsuits involving professional liability, professional liability quotes or errors and omissions insurance quotes became in demand for a variety of industries.
Why Avail Errors and Omissions Insurance Quotes
Errors and omissions insurance, or E & O or E and O insurance, is business liability insurance for professionals, mostly consultants, brokers, and lawyers. E and O quotes are recommended for businesses that provide professional service, regularly gives professional advice, and is required to have E and O by its professional clients.
E & O covers your company, or you individually, against costly liability claims made by clients for inadequate work or negligent actions. All E & O quotes have different coverage and liability exclusions. However, in general, E and O quotes are designed to help pay for defense costs and the damage costs associated with professional liability claims. No matter what profession you’re in, errors and omissions that may cause financial harm to another can put you at risk. E and O can help protect you or your company from bearing the full cost of defense and cost of damages for lawsuits that may occur.
E & O vs. Professional Liability Insurance Costs
E and O is a separate coverage from a standard general professional liability or property insurance policy. Errors and omissions quotes vary to suit a wide range of industries. Professional liability insurance costs also vary. Some charities and NGOs also have errors and omissions insurance. E & O quotes depend on the following:
- Type of business
- Risk exposure
- Business location
- Number of employees
- Annual revenues
- Type of policy
Errors and omissions insurance quotes are sold through commercial insurance companies and independent agents that specialize in E and O coverage. A good E & O insurance agent or insurance company can help you in choosing E & O coverage that fits your needs.
Errors and omissions insurance allows you plan ahead and transfer a portion of the risk and costs of unpredictable E & O legal expenditures to the E and O insurance carrier, reducing the financial impact of an E & O accusation against your business.