E&O Insurance: The Definition and Cost


Errors and omissions policies are one of the most common and important types of insurance on the market. What is E&O insurance? It covers your enterprise or you as an individual in the event of a claim regarding failed or unsatisfactory service. For instance if you are a dentist, a patient might file a suit saying you failed to properly fill a cavity. However, E&O insurance applies to many industries.

Where Can You Find E&O Insurance?

You can purchase E&O from most major agencies either as part of a package or separately. There is no standard wording for this type of coverage, so be sure to thoroughly read the fine print before agreeing to anything. An attorney and a chiropractor do not have the same exposures, so an overly general policy will not work for E&O.

What Is the Cost of an E&O Policy?

The overall expense of E&O insurance will depend on your industry, location and the class of the enterprise. Additionally, some agencies will offer better package or add-on deals. If you happen to have an established relationship with a company, this can help bring discounts as well.

If you want to be prepared for the unpredictable, get an E&O policy. What is E&O insurance? It is your company’s safety net in the event of a client’s claim against the business. It will help protect the enterprise as it grows further.

This post was written by , posted on July 9, 2015 Thursday at 1:45 pm