Factors for Errors & Omissions Insurance

When choosing the right errors and omissions liability insurance you and your agent should work together to consider several factors:


  • An Errors and Omissions Insurance policy should cover the specific professional services your business offers. Are you a residential or commercial real estate agent, a life or property casualty insurance agent or even a structural or design engineer? There is a difference in the policy you select when shopping for errors and omissions insurance. Your errors and omissions liability insurance policy should clearly state the professional services offered by your business.
  • Whether you operate as a sole proprietor, corporation, partnership, Limited Liability Company or other entity determines who is protected through your errors & omissions insurance. For example, corporations have shareholders, LLC’s have members.
  • Companies utilize a myriad of legal structures to meet their obligations. A large number of policies do not cover services offered by independent contractors or others not in the corporate entity. Some policies will provide protection for the services of independent contractors, but will not cover the independent contractor. An errors & omissions liability insurance policy that excludes coverage for independent contractors can leave a business at risk.
  • All errors & omissions insurance policies have different coverage and exclusions.  Commonly, errors & omissions liability insurance is in place to assists paying for defense excepenses and the damage awards connected to profesional liability claims.  Defense expenses are a key component of the cost of an errors and omissions insurance policy


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