E&O, Errors & Omissions and Professional Liability Insurance

E&O Errors & Omissions, and Professional Liability insurance are all terms that describe a form of business insurance designed to protect your company from claims that arise due to mistakes in the professional services you deliver to clients.

On this page we’re going to take a deep dive into what this coverage is, who needs it, what it does, and more. In this video we describe some of the basics of E&O – Errors & Omissions or Professional Liability Insurance, who needs it, what’s covered by this policy, what’s not covered, and what E&O or Professional Liability Insurance costs.

E&O Insurance – What does it cost and what factors can affect that cost?

E&O Insurance costs are based on several factors, including:

  1. The industry you’re in, or the professional services you provide?
  2. Geography – where you conduct your business?
  3. Your experience level – how many years have you conducted business in this profession?
  4. The size of your firm in terms of revenues and employees?
  5. You claim history over the past 5 years. Have you had claims in the past and for how much?

We can obtain an estimate of costs for E&O Errors & Omissions Insurance. All we need is the completion of an application which we’d be happy to share with you.

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Top 5 reasons to purchase E&O Errors & Omissions or Professional Liability?

If you or your company provides professional services to others, you probably need E&O insurance to protect yourself from potential claims that can arise from:

  1. Mistakes — they do happen! A small error or oversight could trigger a loss to a client, who then turns around and sues you to recover their financial loss. Don’t be fooled into thinking it will never happen to you, or that you’ve got controls in place to never be sued. Claims do happen and having the right protection is critical.
  2. Claims can be expensive to negotiate and litigate even if you’re not at fault. Too often a misunderstanding will blow up to a lawsuit which must be answered. Those defense costs are covered by your policy after the retention (deductible) is paid, but provide valuable protection for even the most frivolous of lawsuits.
  3. Settlement Costs – In addition to litigating or answering lawsuits, if a suit is serious and results in a settlement, E&O insurance will pay that as well. Settlements or judgments can reach into the hundreds of thousands or millions of dollars that would be impossible to pay out of pocket if you’re found at fault.
  4. Contractual Requirements – Some clients will require that you carry E&O coverage prior to engaging you. Also, the fact that you have E&O protection is a signal to prospective clients that you take your business seriously and may help you win new business.
  5. Disciplinary proceedings triggered by a regulatory, licensing, or government authority may also be covered by your E&O policy to cover the expense of lawyers defending you in those proceedings.

What types of Businesses need Professional Liability or E&O Insurance?

There are tons of businesses and professionals that need professional liability or E&O Insurance, here are just a few:

  • Accountants & Auditors 
  • Advertising Agencies
  • Consultants
  • Designers
  • Market Research Firms
  • Real Estate Agents & Brokers
  • Architects
  • Engineers
  • Lawyers
  • Financial Advisors, Wealth Managers, Registered Investment Advisors (RIAs)
  • Barbers, Beauticians, Nail Salons
  • Technology Firms
  • Fitness and other health-related providers
  • Massage Therapists
  • IT Consultants, MSPs,
  • Therapists, Counselors, Social Workers
  • Property Managers
  • Staffing Firms
  • Construction and Contracting firms
  • Financial Service Firms in the Alternate Asset Space: Hedge Funds, Private Equity, Venture Capital Firms, etc.
  • and many others!

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Manufacturer’s E&O Insurance

Manufacturers face a unique E&O risk that is NOT covered by their General Liability Insurance or Product Recall Insurance. In this document we explain what Manufacturer’s E&O Insurance is and why you may need it.

Contractor’s E&O Insurance Explained

The contracting world is fraught with risks, and most contractors rely on their general liability to protect them from potential lawsuits arising from bodily injury or property damage to others, as well as workers compensation to protect them from claims from injured employees.

But a growing area of risk for contractors are claims alleging faulty workmanship, defective materials, and faulty design services.

How do contractors protect themselves from these types of claims? With Contractors E&O Insurance, and in this document we outline the risks and how this policy form works to protect general contractors, specialty trade contractors and sub-contractors.

Why Should I Get E&O or Professional Liability Insurance from The Coyle Group?

You can do a Google search for professional liability or E&O insurance quotes and get tons of responses. You’ll see big insurers like: Geico, Hartford, and Allstate; and direct writers like Hiscox, and Next; then you’ll see insur-techs like Insureon, and Embroker, and then on page 3 or 4 traditional insurance brokers.

Here’s a few things to consider. If you’re dealing with an insurance company or a direct writer or an insur-tech you’re likely going to be getting just one quote. Their quote. That means no choices, no comparisons. You’re also going to likely be dealing with a big call center where you’re just a number. For some people that’s okay. But a lot of folks want a relationship they can trust.

Here are a just a few of the reasons why you should consider getting your E&O or Professional Liability Insurance from The Coyle Group:

  1. We’re experts at E&O and Professional. We do A LOT of E&O Insurance for a lot of different professionals. We understand the policy forms, conditions and exclusions commonly attached to policies and leave no stone unturned to get you the best protection the market has to offer.
  2. We also represent a wide number of insurers writing Professional Liability Insurance. That includes big brand names you’re familiar with as well as smaller, more unique insurers that write E&O in different niche markets. Again, our philosophy of leaving no stone unturned works in your favor to get the best pricing and choice of pricing options.
  3. We are a boutique brokerage – you build a relationship with an account manager who is your main point of contact for all you questions, issues, and needs. You’re never calling into a call center speaking to a different person each time you call.
  4. Longevity – our firm is over 90 years old and is run by a third generation of the founders. We’re proud of our reputation in the industry and the positive reviews from our customers.

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and Professional Liability Insurance

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