small business insurance quotes
Errors and Omissions
Insurance (also known as Professional Liability Insurance) protects small
businesses from lawsuits alleging that their advice or work caused financial loss.
Technology firms have a particular need for E&O insurance for two reasons:
first, clients often misunderstand the details of a proposed project; and second,
laws often lag behind technological developments, meaning that disputes need to
be settled in court.
Errors and Omissions Insurance kicks in when a client alleges in a lawsuit that
your company's mistakes or negligence caused financial loss or damage. E&O Insurance
As with all types of business liability insurance, the cost of E&O Insurance will
depend on a number of factors, including what services you offer and where your
business is located. The following sample E&O quotes, however, offer a ballpark
idea of what you can expect.
Important note: Most E & O policies operate on a "claims made" basis. This
means that your policy must be in force at the time an incident takes place as well
as at the time when a lawsuit is initiated against you. If these two conditions
are not met, you may not be able to collect benefits.
For these sample quotes, we define a "small" consulting company as one that:
In addition to these factors, the cost of E&O Insurance for your company will depend
on the specific kind of work you do, where you operate, how many people you employ,
Sample deductible: $5,000
Sample coverage limit (per occurrence): $1 million
Sample coverage limit (annual aggregate): $1 million
The policies used to generate these sample quotes include unauthorized access coverage
and malicious code coverage but do NOT include coverage for intellectual property
For these sample E&O Insurance quotes, we consider an independent contractor or
web designer to be a sole proprietor who brings in between $0 and $150,000 in annual
revenue. In addition to revenue, the factors that affect the cost of your policy
include the location of your business, the kind of work you do, and the number of
employees you have.
The policies used to generate these quotes do NOT include unauthorized access or
malicious code coverage. You may need this type of coverage if you offer security
services such as firewall and antivirus application services. Including such protections
in your policy might increase your premium by about 5%.
Further, this quote does NOT include intellectual property liability coverage.
For these sample quotes, we define a "large" consulting company as one that:
In addition to these, other factors will also impact the amount of money a large
consulting company can expect to pay for Errors & Omissions Insurance.
The policy used to generate these samples includes coverage for unauthorized access
coverage and malicious code coverage but does NOT include coverage for intellectual
It's also important to note that this policy includes a minimum earned premium of
30%, meaning that a business must pay at least 30% of the annual premium even if
it decides to cancel the policy shortly after putting it in force.
When you're ready to find out what an Errors & Omissions Insurance policy will cost
for your business, simply
fill out our online application form (the process should take about 15 minutes).
Once you've finished, one of our expert agents will send free E&O quotes to your
email inbox so you can peruse them at your own pace.
Your agent will be on hand to answer any questions you have and help you choose
a policy that makes sense for your budget and your coverage needs.
Figure out which insurance you need based on the language in your contracts.
Learn your risks, how insurance protects you, and what a typical policy costs.
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