Errors and Omissions Insurance

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Errors and Omissions Insurance Risk Management Solutions

Errors and Omissions (E&O) insurance is a critical form of coverage for businesses and professionals. It protects you if your business or services cause financial harm to a client due to mistakes or failure to deliver as promised. In other words, if something goes wrong in your work, E&O insurance can cover legal fees, damages, and other costs.

By incorporating Errors and Omissions Insurance along with business insurance and risk management services, you can choose a policy tailored to your business’s needs, providing essential protection against professional mistakes and client disputes.

What Is Errors and Omissions Insurance?

Errors and Omissions insurance, also known as professional liability insurance, safeguards businesses and professionals from claims related to mistakes, oversights, or negligence in their work. For example, if a client sues your company because of an error in your work, this type of coverage can cover legal expenses and the cost of any damages.

This insurance is especially crucial for businesses that offer professional services or advice, such as lawyers, consultants, architects, or IT professionals.

Why Do You Need Errors and Omissions Insurance?

Having the right Errors and Omissions insurance is essential for protecting your business from financial loss due to mistakes. Here’s why:

Legal Protection

If a client sues your business due to a mistake, E&O insurance can help cover your legal fees and any settlement costs.

Client Trust

Having this coverage can help show clients that you are serious about protecting their interests.

Peace of Mind

With this coverage in place, you can focus on running your business without worrying about the impact of potential errors.

What Does Errors and Omissions Insurance Cover?

Errors and Omissions insurance typically covers the following:

Mistakes or Oversights

Coverage for mistakes made while providing professional services, such as errors in design, advice, or calculations.

Negligence

Protection if a client claims you failed to meet the standards of your service, even if you were not negligent.

Legal Fees

This covers the cost of defending yourself against a lawsuit, including lawyer fees, court costs, and settlements.

Breach of Contract

Some policies may also cover allegations that you failed to fulfill contractual obligations.

Explore the Types of Business Insurance

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Ensure coverage for claims related to wrongful termination, discrimination, or harassment through employment practices liability insurance.

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Secure your business against environmental damage, cleanup costs, and related legal expenses with environmental liability insurance.

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Protect your business from financial losses due to fraud or theft by employees with fidelity and crime insurance.

Fiduciary Liability Insurance

Provide coverage for claims arising from the mismanagement of employee benefit plans with fiduciary liability insurance.

General Liability Insurance

Obtain fundamental protection for bodily injury, property damage, and advertising injury claims with general liability insurance.

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Cover your business assets in transit or stored off-site with inland marine insurance.

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Umbrella Insurance Policy

Extend your coverage beyond standard policy limits for added protection with an umbrella insurance policy.

Workers Compensation Insurance

Cover medical expenses and wages for work-related injuries or illnesses with workers compensation insurance.

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FAQs About Errors and Omissions Insurance

What is Errors and Omissions Insurance?

Errors and Omissions (E&O) insurance protects your business against lawsuits that arise from mistakes or negligence in professional services.

Do I need Errors and Omissions insurance?

If your business provides professional services or advice, E&O insurance is highly recommended to protect against claims from clients.

Is Errors and Omissions insurance the same as general liability insurance?

No, general liability insurance covers accidents and injuries that happen on your business property, while E&O insurance focuses on mistakes or omissions made during professional services.

What's the difference between E&O and professional liability insurance?

E&O and professional liability insurance are often used interchangeably, as both protect businesses from mistakes made during professional services.

Does E&O insurance cover all mistakes?

Not all mistakes are covered. E&O insurance typically covers mistakes made in the course of business, but it may not cover intentional wrongdoing or criminal acts.

How much does Errors and Omissions insurance cost?

The cost varies depending on your business type, the coverage amount, and your risk profile. Typically, the premium is based on your industry and your company’s size.

Does E&O insurance cover lawsuits?

Yes, E&O insurance typically covers the legal fees and damages from lawsuits related to professional mistakes or negligence.

Can I customize my Errors and Omissions insurance?

Yes, your policy can be tailored to your business’s needs, with different coverage limits and add-ons based on the services you provide.

Does the Law require errors and Omissions insurance?

The Law does not require errors and Omissions insurance, but many businesses need it to protect themselves against potential lawsuits and contractual obligations.

How do I file a claim with my E&O insurance?

To file a claim, contact your insurance provider, explain the situation, and provide any necessary documents, like contracts or emails, that relate to the claim.

Why Choose Risk Specialty Group for Errors and Omissions Insurance?

At Risk Specialty Group, we’re more than just an insurance agency – we’re your partner in protecting your business from the risks of mistakes, negligence, or failure to deliver services as promised. Here’s why businesses trust us for Errors and Omissions (E&O) Insurance:

Industry Expertise

We understand the specific challenges your industry faces and offer customized coverage to protect against claims related to errors, omissions, or inadequate services.

Comprehensive Coverage

Our E&O Insurance covers legal fees, settlements, and damages arising from mistakes, oversight, or failure to meet client expectations.

Proactive Risk Management

We work with you to identify potential risks and help minimize your exposure to costly E&O claims.

Trusted Partnerships

We collaborate with top-rated carriers to deliver the best coverage options at competitive rates.

Ongoing Support

Our team offers continuous support, including regular policy reviews, to ensure your coverage evolves with your business needs.

At Risk Specialty Group, we’re your trusted partner in managing errors and omissions risks. Let us help protect your business with comprehensive Errors and Omissions Insurance.

What Our Clients Are Saying

Don’t just take our word for it – hear from businesses who trust Risk Specialty Group to protect their future:

     EXCELLENT  
  18 reviews

    
 
 
      Posted on Google  
   
   Bobbie Llenz 
 20 December 2023
 
 
  I cannot say enough good things about Risk Specialty Group.  Their team is professional, and they have your best interest in mind.  I highly recommend them.   Our agent is Travis Landers and his team always take care of us every step of the way through the renewal process down to a dreaded claim.  We have been in business 27 years and believe me you want these people on your side.
  
 
     Posted on Google  
   
   JMD Engineering LLC 
 27 November 2023
 
 
  Couldn't be more pleased with the level of service and competitive pricing.  I have a niche business that falls outside the norm of most. Risk Specialty Group took the time to understand my business and provide the perfect solution of coverage for me. I highly recommend them to any small business in need of coverage.
  
 
     Posted on Google  
   
   Jill Bard 
 20 November 2023
 
 
  When I started my business 4 years ago, the team at Risk Specialty Group was recommended to me by a long-time colleague to handle business and professional liability insurance.  I could not be happier!  Travis, Deanna, and the entire team are wonderful to work with.  They consistently provide excellent service and go above and beyond to make sure I have what I need, when I need it.  One example: I purchased a new vehicle for the business and was signing paperwork late on a Friday afternoon not realizing I would need auto insurance before I drove it off of the lot.  Travis and his team took my call at 5pm and made sure I had coverage so I could drive home before 6pm, on a Friday!  Just one example of their excellent service and responsiveness.
  
 
     Posted on Google  
   
   Chris Abell 
 17 November 2023
 
 
  I've been partnering with Risk Specialty Group for last few years, and they consistently deliver exceptional service. The team's responsiveness is truly commendable being both prompt and efficient.

The account managers at Risk Specialty Group are clearly experienced, making the process of navigating insurance requirements seamless. I appreciate their attention to detail and the assurance that my business is in capable hands.

I highly recommend them to any business in search of a reliable insurance partner.
  
 
     Posted on Google  
   
   Blyss 
 16 November 2023
 
 
  I would highly recommend Risk Specialty Group to anyone looking for reliable and helpful insurance professionals who go above and beyond to ensure customer satisfaction. Travis and Leah have consistently shown exceptional reliability, proving to be significant assets in navigating the complexities of insurance policies. Their unwavering commitment to providing assistance is evident in prompt and thorough responses, along with valuable feedback. Barron Engineering appreciates all of your help and support!
  
 
     Posted on Google  
   
   Nicola Hartman 
 15 November 2023
 
 
  The Risk Specialty Group was recommended to TTL by another client of theirs. We have not been disappointed! Both Travis and Candi have been wonderful to work with - the communication is exceptional and the overall switch from a different company has been seamless. I look forward to working with them for many more years to come.
  
 
     Posted on Google  
   
   Real David N 
 12 October 2021
 
 
  Risk Specialty Group has handled my micro-company's insurance for almost five years.  They have consistently provided prompt, professional, friendly, and effective customer service. I am always sure that I have access to their "A" team and that they are in my corner.  Of all my service providers, they are #1 in that department.  6 stars if I could.
  
 
     Posted on Google  
   
   J Smith 
 31 January 2019
 
 
  Prompt, knowledgeable, and courteous. Enjoyed working with the Risk Specialty Group team.
  
 
     Posted on Google  
   
   Brian Richardson 
 28 January 2019
 
 
  My company, EFR Contracting LLC, uses Risk Specialty Group because of their industry expertise, professionalism, superior customer service and attention to detail. I highly recommend them.
  
 
     Posted on Google  
   
   Elizabeth Schlitzberger 
 17 January 2019
 
 
  Very professional group with great attention to detail. They care about their customers! I highly recommend them!

Contact Us Today

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Stay informed with industry insights and expert analysis on professional liability insurance. Visit our risk management blog for valuable resources and updates from Risk Specialty.

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David Nelson

15:10 01 Apr 19

Risk Specialty Group has handled my micro-company's insurance for almost three years. They have consistently provided prompt, professional, friendly, and effective customer service. I am always sure that I have access to their "A" team and that they are in my corner. Of all my service providers, they are #1 in that department. 6 stars if I could.

Todd McMakin

16:00 04 Dec 18

We have been using the Risk Specialty Group for our company insurance for two years and have been very happy with our rates and with the customer service that we have received. They are always quick to respond to questions and requests. Highly recommended!

Su Young

18:52 04 Dec 18

Risk Specialty's owner is great to work with, excellent knowledge of the marketplace and clients' insurance needs. The staff is thorough, experienced and friendly. Great shop to consider for your insurance needs.

Elizabeth Schlitzberger

15:23 17 Jan 19

Very professional group with great attention to detail. They care about their customers! I highly recommend them!

Parallax Consulting Group

01:30 19 Dec 18

I am currently renewing my coverage for year (2) of my business. Everyone at RSG has been extremely helpful, while also being clear and concise with all my options and/or questions through every step of my growth, risk management and company success. I would highly advise and/or recommend RSG to anyone looking to find a firm you can count on...but most importantly, trust!