How much does error and omission insurance cost?
How much is errors and omissions (E&O) insurance? Average costs for E&O coverage for small business owners ranges from $500 to $1,000 per employee, per year. So, if your business has 50 employees, you can estimate your errors and omissions premium to be between $25,000 and $50,000 annually.
What is usually excluded under errors and omissions insurance?
Client injuries, employee theft, client property damage, and cyberattacks are all common exclusions on E&O policies.
What are the most common E&O claims?
- Failure to maintain appropriate coverage.
- Failure to correctly explain coverage.
- Administrative errors.
- Failure to identify exposures.
- Failure to share policy changes.
- Failure to send accurate client information to an insurer.