Georgia Errors & Omissions Insurance

E&O Insurance

Also referred to as Professional Liability, or Malpractice Insurance, this helps protect businesses from lawsuits claiming that a mistake was made while providing your professional services. This policy will aid in the costs of court fees or settlements, although a policy may not cover the whole settlement if the amount exceeds the limit specified in the insurance contract. In many lines of work, lawsuits occur whether the associated claims are legitimate or not. Errors and Omissions insurance policy helps cover the claim’s defense costs, alleged or actual negligence, resulting from your employee’s, temporary staff and independent contractor’s work. Typically, the settlements are economic damages caused to your client resulting from your failure to adequately provide your professional services. Some policies can include coverage for contingent bodily injury or property damage claims resulting from the failure of your professional services. Each business has different exposures to this risk, so it is critical to partner with an experienced agent who understands your business’ risks and the appropriate coverages available in the market to adequately cover those exposures.

What Errors & Omission Insurance Does Not Cover

Errors and Omissions insurance, while providing coverage for a range of professional liability claims, typically contains certain exclusions. These exclusions can vary depending on the specific policy and the insurance provider. Some common types of claims and situations that are often not covered under E&O insurance include:

• Intentional Wrongdoing: E&O insurance usually does not cover claims related to intentional acts, fraud, or illegal activities. If the professional knowingly engages in wrongful or fraudulent behavior, it may not be covered.
• Bodily Injury and Property Damage: E&O insurance is distinct from general liability insurance. It does not cover claims related to bodily injury or physical damage to property. These types of claims are typically covered by other insurance policies.
• Property Damage or Product Liability: E&O insurance focuses on professional services and advice, not physical products or property. Claims related to property damage or product liability are typically excluded.

It's important for professionals and businesses to carefully review their E&O insurance policies to understand the specific coverage and exclusions within your policy. Depending on your needs, they may need to supplement E&O insurance with other types of coverage to ensure comprehensive protection against various risks.

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What Does E&O Insurance Cost?

The cost of E&O insurance can vary widely depending on several factors, including the type of profession or industry, the level of coverage required, the size of the business, the geographic location, the claims history of the insured, and the specific terms and conditions of the policy. Here are some factors that can influence the cost of E&O insurance:

• Profession or Industry: The nature of the profession or industry greatly affects the cost. High-risk professions, such as healthcare or financial advising, often have higher premiums.
• Coverage Limits: The higher the coverage limits (the maximum amount the policy will pay out), the more expensive the insurance will be.
• Claims History: Businesses or individuals with a history of past E&O claims may face higher premiums due to their perceived higher risk.
• Company Size: Larger businesses with more employees or clients may have higher premiums due to increased exposure to potential claims.
• Location: The cost of insurance can vary by location due to factors like local legal environments, litigation trends, and regulatory requirements.

To get an accurate estimate of the cost of E&O insurance for your specific situation, contact an insurance brokers like BIS Benefits. We can assess your needs and provide you with quotes based on your profession, business size, location, and other relevant factors.

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