We know that many believe obtaining an E&O quote is time-consuming and convoluted. But luckily, you’ve found LiabilityCover, the home of easy insurance! In the following sections, you’ll discover more about the factors that affect the quote-acquisition timeframe. We’ll even tell you exactly how to get one using our secure online form!

Other FAQs about Errors and Omissions Insurance

• Where can I find a detailed errors and omissions insurance guide?
• What is the cost of E&O insurance?
• How do I apply for An E&O insurance policy?
• What does errors & omissions insurance cover?
• Who needs E&O insurance?

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Thankfully, that’s exactly what we’re here to tell you. Below, you’ll find everything you need to know about the factors influencing the E&O policy premium.

The 10 Factors Influencing The Cost of Errors and Omissions Insurance Coverage

On average, you should expect to spend between $500 and $1,000 per year on an E;O policy with a $1 million limit. But let’s take a look at the top ten factors that decide your specific cost:

#1 The Size of Your Business

Your insurance rate changes based on the number of staff members you employ. Larger companies have higher risk exposures since they have increased opportunities to make mistakes and experience lawsuits. Thus, they pay more for E&O insurance policies.

#2 Your Profession or Industry

Every profession and industry come with their own risks and responsibilities. It goes without saying that some professionals are more exposed to more risks than others.

For instance, paralegals and healthcare professionals often pay more for errors and omissions insurance than copywriters and those in administrative roles. Therefore, the costs vary drastically depending on your field.

#3 Your Business Location

Your province affects the total cost of your errors and omissions insurance premium probably more than you realize. But when you consider that location changes the prices of everything from fuel to food, it becomes a no-brainer.

Businesses in areas affected by harsh weather conditions or higher-than-average crime rates should anticipate spending more on commercial insurance than those in safer locations.

#4 Your Coverage Level

The higher your coverage limit, the more premium you’ll pay. Errors and omissions policies come with a range of typical coverage limits, as per the following:

• $100,000
• $200,000
• $500,000
• $1 million
• $2 million

Despite the increased cost, your company might need a higher limit. You shouldn’t let a costlier price put you off if your business wouldn’t be sufficiently covered without a $2 million coverage cap.

#5 Your Deductible

The deductible is the amount of money you need to pay before your errors and omissions insurance kicks in. The larger the figure, the less expensive your premium price.

However, it’s vital to select a deductible amount you can afford comfortably. Otherwise, you’re putting your business in a precarious financial position if a claim occurs.

#6 Policy Endorsements

Your errors and omissions policy may not be the same as others. Since every business is wildly different (even those in the same industry), you have the option of customizing your E;O coverage to fit your company’s unique needs.

The policy add-ons may increase your premium price, so talk to your insurance broker about your requirements before choosing any endorsements.

#7 Your Insurance Claims History

Insurance companies increase premiums if your business has made consistent claims in the past. Those with clean records benefit from substantially lower insurance costs.

Don’t worry too much if you’ve needed to claim recently. At LiabilityCover, we connect you with the perfect insurer for your company.

#8 Your Experience and Training

If you have worked in your industry for a long time, you’re considered less of a risk. Plus, if your employees are well-versed in the sector and are regularly seen to attend training to improve their skills, you can benefit from decreased premiums. After all, with experience and consistent training comes a lower likelihood of making mistakes.

#9 Your Company’s Revenue

Of course, it’s always great to run a business that brings in a lot of money. However, it’s worth noting that the more money you make, the higher your errors and omissions insurance premiums will be. Why? Because third parties are likely to ask for more damages during lawsuits if they’re aware your revenue can fund it.

On top of that, a higher income suggests your business deals with more clients, exposing you to an increased number of risks.

#10 Contract

Contract breaches are one of the most common reasons behind errors and omissions lawsuits. You’ll be surprised by how much money you can save on premiums if you ensure all contract agreements are written and signed in a non-ambiguous way.

LiabilityCover Gives You The Best Rates

Our working relationships with the country’s leading errors and omissions insurance providers allow us to always award you the best rates. By following the steps below, we’ll connect you with your company’s perfect E;O insurer:

1. First, complete our short inquiry form.
2. Our team analyzes your insurance requirements based on the information you provided on the form.
3. Next, we connect you to one of Canada’s best insurance providers with experience covering other businesses in your industry.
4. The designated broker or agent contacts you to walk you through the process.

Other Frequently Asked E&O Questions

Who Needs Errors and Omissions Insurance Coverage?

A variety of professionals require errors and omissions insurance, including:

• Medical professionals
• Dog sitters
• Attorneys
• Chauffeurs
• Strategic, operations, marketing, and organizational consultants
• Interior designers
• Graphic designers
• Legal and finance professionals
• Social service professionals
• Photographers and videographers
• Human resources consultants
• Project managers
• Software developers
• UX and web developers
• Forensic experts

How Long Does It Take to Get an E&O Quote?

The duration varies massively. But on average, you can expect to receive a quote within 48 hours. Other businesses might be lucky and acquire the quote almost instantly, but most should expect to wait between 24 and 48 hours.

The size of your business, type of industry, and insurance provider are the main factors influencing your quote wait time.

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In the following guide, we’ll show you exactly how to acquire errors and omissions insurance coverage to protect your business from third-party claims related to your services or professional advice.

How to Apply For Errors and Omissions Insurance Coverage

There are multiple ways to apply for this kind of coverage — online, in-person, or telephone. We’ll explore each method in detail to help you choose how you’d like to obtain the policy.

Applying Online

The most preferred way for business owners to apply for errors and omissions insurance is online. It’s a simple case of filling out an electronic form!

As we move into an increasingly digital world, applying for insurance online is the most time-efficient method available. Not to mention that it’s a sure-fire way to gain access to deals and discounts you won’t be offered in-person or via telephone.

Just bear in mind that you will need to send a copy of your license and other documents to the insurer at some point during the application.

Applying In-Person

If you know which errors and omissions insurance provider you’d like to purchase from, you can head to their brick-and-mortar facility and apply there.

Remember to gather all your documents and personal information before heading to the storefront. The broker will use the documents to verify your business and identity.

With that said, you can opt to email your documents to the insurer when you return home. However, that will only delay the process, so we suggest gathering everything prior to your in-person application.

Applying Via Telephone

Finally, you can apply for an errors and omissions insurance policy over the phone. It’s a viable option for those who need many questions answered.

However, you’ll still need to complete the relevant forms and submit your payment before gaining coverage. So, the phone call truly only acts as a first step; the rest will most likely be completed online or in person.

Our Errors and Omissions Application Process

Our years of experience have allowed us to create a seamless, smooth process that affords you the time and space to make well-informed commercial insurance decisions.

Applying for errors and omissions coverage with us is straightforward. Follow the four steps below:

1. To begin the process, complete our short, secure inquiry form.
2. One of our experts will review your insurance needs.
3. Next, our team connects you to one of the country’s leading errors and omissions insurance providers.
4. Your assigned broker or agent contacts you to guide you through the application process!

We find you the insurance you need so your business can continue to thrive for years to come.

Frequently Asked Errors and Omissions Insurance Questions

How Long Does It Take to Get Errors and Omissions Insurance Quotes?

The duration can vary massively from case to case. However, most businesses receive an errors and omissions insurance quote within 48 hours. Some may even acquire it instantly, but we recommend anticipating a wait time of 24 to 48 hours.

What Does Errors and Omissions Cover?

Errors and omissions coverage protects you from third-party claims against services or advice your company provides. Specifically, the areas covered are as follows:

• Defence costs
• Slander, defamation of character, and libel
• Monetary judgements
• Copyright and trademark infringement
• Invasion of privacy (not every E;O policy includes this coverage)

Keep in mind that it doesn’t usually cover:

• Fraudulent acts
• Criminal acts
• Cost guarantees or price estimates
• Violation of securities act
• Dishonest employees
• Incorrect assessments of financial returns

How Much Does Errors and Omissions Insurance Coverage Cost?

On average, you’ll pay between $500 and $1,000 per year for an errors and omissions insurance policy with a $1 million limit. However, this largely depends on your profession and several other factors, including but not limited to:

• The size of your business — More employees equals a higher likelihood of making mistakes. Therefore, you should expect to pay more for E;O insurance if you’re a large business.
• Your coverage limit — The higher your coverage limit, the larger your premium price. The policy comes with five coverage limits to pick from, including:
  • $100,000
  • $250,000
  • $500,000
  • $1 million
  • $2 million
• Your deductible — Set a deductible price you can afford. Try not to fall into the trap of increasing your deductible to lower your premium payment.
• Riders and extra clauses — Not every errors and omissions insurance policy is the same. You might need to add endorsements that increase the price.
• Your insurance claims history — If you have a track record of making consistent claims, expect your insurance premium to be higher than those with a clean history.
• Your company’s location — Some areas are more prone to adverse weather conditions or have high crime rates. If you operate in a particularly perilous part of the country, insurers charge hirer premiums.
• Your experience and training — A wealth of industry experience decreases the likelihood of making mistakes, thus experiencing legal action. Insurers award lower errors and omissions coverage rates if you’re well-versed in your market sector. Some insurers consider the qualifications of your employees too.
• Your company’s revenue — The more money your business makes, the more at stake if somebody claims against you. Therefore, anticipate spending more on your errors and omissions insurance coverage.

Who Needs Errors and Omissions Insurance?

You need an errors and omissions insurance policy if you develop devices, offer services, or give advice for a fee. The following professions typically take out this type of coverage:

• Photographers
• Organizational, marketing, and operations consultants
• Strategic consultants
• Project managers
• Career advisors
• Management and recruitment consultants
• Software developers
• Human resources consultants
• Copywriters
• IT consultants
• Web and UX designers
• Health professionals
• Graphic and interior designers
• Forensic experts
• New media professionals
• Engineers
• Legal and finance professionals
• Social service professionals

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In this guide, we’ll answer your burning “what does an errors and omissions insurance policy cover?” question and put you on the path toward attaining the coverage you need.

What Is Errors and Omissions Insurance Coverage?

Errors and omissions insurance, often referred to as professional liability insurance, is a type of policy designed for professionals and businesses offering services or advice.

In short, it protects you from mistakes and errors that cause negative consequences for your clients. However, as you’ll see below, it’s quite a diverse policy that protects you from a plethora of otherwise costly situations.

What Does Errors and Omissions Insurance Cover?

Running a business is tricky, and no matter how hard you try, mistakes and issues will occur. With errors and omissions insurance coverage, you don’t need to worry; it’s designed to financially cover the costs of third-party lawsuits against your services.

But let’s take a deep dive into the specific protections offered by this much-needed insurance policy.

#1 Legal Defence Costs

If you’re sued by a former client, your errors and omissions coverage pays for the legal defence costs associated with the case. After all, you’ll be forced to seek legal help whether your client’s allegations are true or not.

To ensure the best outcome for your business, you’ll need to hire a qualified defence attorney. However, the best lawyers charge between $500 and $1,000 per hour. As you can imagine, this quickly adds up.

You don’t want one lawsuit to turn into a permanent closure. So, acquiring an E;O policy to cover these potentially extortionate costs is a wise business move.

#2 Slander, Libel and Defamation of Character

Many companies find themselves on the wrong side of a lawsuit after a third party claims they’ve slandered their reputation and name. If you don’t have enough money stashed away, these cases quickly turn into a business rescue mission as you try to cover the court costs.

Errors and omissions insurance pays the related fees for cases involving allegations of libel, slander, and defamation.

#3 Monetary Judgments

Lawsuits take a toll on all business owners — especially when it comes to the final decisions made by the judge.

The settlement amount depends on the type of error or omission made by your business and the severity of the consequences. Unfortunately, it’s not unheard of that these monetary judgments financially ruin a business, causing them to permanently close their doors.

Therefore, it’s worth protecting your company from total failure by acquiring an errors and omissions insurance policy. It will cover the costs of the settlement and associated legal defence fees to keep your business afloat during tricky times.

#4 Copyright and Trademark Infringement

It’s hard to be original in the modern world; it appears everything has been done before! With that in mind, it’s no surprise some companies accidentally infringe upon somebody else’s trademark or copyright.

However, ignorance won’t solve the inevitable lawsuit arising from infringement cases. You’ll be forced to pay the costs whether it was an accident or not.

Luckily, E;O insurance covers these issues. Any associated losses and damages are paid by the policy.

#5 Invasion of Privacy

Some errors and omissions insurance policies cover invasion of privacy claims.

If your current or former client decides to pursue legal action against you for invading their privacy, you’ll need to protect yourself. The defence costs can be extortionate, so coverage is vital to ensure your business continues to thrive.

What Isn’t Covered By Errors and Omissions Insurance?

Typically, errors and omissions insurance won’t cover you in the following situations:

• Violation of securities acts
• Fraudulent acts
• Criminal acts
• Cost guarantees or price estimates
• Dishonest employees
• Incorrect estimates of financial returns

Who Benefits From Errors and Omissions Insurance Coverage?

Any business that provides a service benefits from an errors and omissions insurance policy. Specifically, the following professionals should carry this type of coverage:

• Engineers
• Markers and advertisers
• Accountants
• Doctors
• Veterinarians
• Pet groomers
• Website developers
• Consulting companies
• Hairdressers, hairstylists, and barbers
• Printers and publishers
• Educators
• Wedding planners
• Interior designers

As a general rule, if you could be blamed for losses or damages, acquiring this policy could save you a lot of money in the future if a lawsuit is filed against you.

Frequently Asked Questions

How Do You Get an E&O Policy?

Obtaining errors and omissions insurance coverage is easy with our team at LiabilityCover. Simply follow the four steps below:

1. Start by completing our simple online quote form.
2. Then our team will review your application to understand your insurance requirements.
3. We’ll assign you one of Canada’s leading insurance providers with experience providing coverage to others in your industry or profession.
4. Your designated broker or agent contacts you to walk you through the application process.

How Much Does Errors and Omissions Coverage Cost?

For a standard errors and omissions policy with a limit of $100,000, you can expect to pay roughly $250 per year. However, certain factors influence the price, including:

• The coverage limit you pick
• Your industry
• The size of your company (i.e., the number of people you employ)
• Your business location
• Your deductible
• Your insurance claims history
• Any riders or extra clauses
• Your services
• Your business revenue
• Experience, training, and qualifications of you and your employees
• Contracts

To get an accurate understanding of your E&O premium price, complete our simple online request form.

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To give you a headstart, find out which professionals need errors and omissions insurance coverage below.

Which Professions Need Errors and Omissions Insurance Coverage?

Some business owners believe that errors and omissions insurance is only necessary for large enterprises. But in reality, a plethora of companies need this type of business insurance, including but certainly not limited to:

Dog Sitters

At first glance, dog sitting doesn’t seem to be a very high-risk job. However, that’s really not the case. Errors and omissions insurance can be beneficial if you’re pursuing this task.

With no word of warning, dogs could break loose from the lead, run away, and hurt themselves. Alternatively, a puppy might eat something strange in the garden and become seriously ill. Even though you didn’t directly cause these situations, the dog’s owner might not see it that way.

If you’re sued, you can very quickly go into debt. Therefore, an E&O policy is valuable to keeping yourself and your business afloat during these tricky circumstances.

Medical Professionals

Healthcare providers have more risk exposures than other industries. Lawsuits often end up in favour of your patient, come with high-cost settlements, and can end up compromising your professional license. Regardless of the allegation’s validity, your reputation can take a turn for the worst.

Your errors and omissions policy covers the settlements and legal fees during service-related third-party lawsuits.

Chauffeurs

Chauffeurs are often overlooked when it comes to insurance. But as a driver, you constantly have the responsibility of other people’s safety on your shoulders.

It’s common for people to blame their chauffer if an accident happens. Therefore, you can be on the wrong side of a lawsuit whether the accident was caused by you or not.

Your passenger can decide to sue for medical damages, potentially leaving you penniless. Errors and omissions insurance protects you in these cases and is recommended for drivers of all kinds.

Attorneys

As an attorney, you go above and beyond to protect your client. However, you can’t win all your cases. Despite your hard work and determination, the client may well blame you for their predicament, seeing you on the terrible end of a lawsuit.

With that in mind, it’s clear why attorneys and similar professionals should take out an errors and omissions policy. We recommend a $2 million coverage limit here, as anything less might not cover the often extortionate fees.

Why Choose LiabilityCover?

Frequently Asked Questions About Errors and Omissions Insurance

What Does Errors and Omissions Insurance Cover?

Errors and omissions insurance provides a myriad of protections, including:

• Slander, libel, and defamation of character — It pays the fees associated with cases involving allegations of defamation, libel, and slander.
• Legal defence costs — The best lawyers often charge between $500 and $1,000 per hour, which rapidly adds up. Thankfully, E&O coverage pays these otherwise mountainous costs.
• Monetary judgments — The settlement amount depends on the severity of the consequences and the type of error made by your company. Regardless, they can completely ruin your financial climate if you don’t have an E&O policy to cover them.
• Invasion of privacy — If your former or current client pursues legal action against you for invading their privacy, you need protection. Defence costs in such cases can be ultra-expensive, so having an errors and omissions policy is vital.
• Copyright and trademark infringement — If you accidentally infringe on somebody’s copyright or trademark, you’ll have to pay the costs associated with the case. In these scenarios, your errors and omissions insurance covers the fees, ensuring your business stays afloat.

How Much Does Errors and Omissions Insurance Coverage Cost?

You can expect to spend anywhere from $500 to $1,000 every year on an errors and omissions insurance policy with a limit of $1 million. But multiple factors influence the premium price, including:

• Your business size — The more employees you have, the more exposed to risks you are. Thus, you’ll pay more for insurance if you employ a large number of people.
• Your profession or industry — Some industries are riskier than others. For example, a medical professional carries more risk exposures than an advertiser.
• Your level of coverage — The higher your coverage limit, the more you’ll pay. Although, you shouldn’t choose a lower limit just to decrease the price. E;O insurance policies have five standard coverages to choose from, including:
  • $100,000
  • $200,000
  • $500,000
  • $1 million
  • $2 million
• Your business location — Provinces prone to extreme weather conditions or high crime rates come with pricier insurance premiums. If you’re operating in a particularly risky area, you’ll pay more than similar businesses in safer locations.
• Endorsements — Since all companies are different, you can customize your errors and omissions coverage to meet your bespoke needs. However, any policy additions may increase your cost. Therefore, it’s wise to discuss your needs with a broker to ensure you get the best deal.
• Your business claims history — A clean track record indicates you’re less likely to make a future claim, decreasing your current premiums.
• Your revenue — The more money you earn, the more third parties will request in damages. Therefore, you should expect to pay more for E;O insurance.
• Your experience and training — If you’ve worked in your profession for a while, you’re not as risky as startups. You’ll benefit from reduced premiums the longer you stay in the business, as with experience comes a lower likelihood of mistakes.

How Do You Get Errors and Omissions Insurance Coverage?

We’ve streamlined our process to make it easy for you to get the errors and omissions insurance your business needs. Simply follow the four steps below:

1. Complete our easy secure online quote form.
2. We analyze your insurance needs.
3. Our team connects you to the best insurance brokers or agents with specialist experience covering other professionals in your industry.
4. Your assigned broker or agent contacts you to help you through the process.

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