Errors and Omissions Insurance
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How to find cheap errors and omissions  (E&O) insurance 

Your small business can save money on errors and omissions insurance by avoiding claims and choosing a higher deductible, among other methods. Learn how you can pay less on E&O and still get the protection you need.

4 ways to save money on E&O insurance

Errors and omissions insurance is an important policy for professionals who give advice or provide expert services to clients. It protects your business from client lawsuits claiming your mistake or oversight cost them money.

When purchasing E&O, you need to make sure your policy fulfills any legal or contractual requirements you may have. You also don't want to overpay for a policy with more coverage than you need.

Here are four steps you can take to get suitable E&O coverage at an affordable rate.

1. Compare quotes from multiple insurance companies

Different insurance companies will offer different prices for errors and omissions insurance. Some may even specialize in serving your industry and offer more affordable policies with tailored protection.

However, cheaper isn't always better. You'll want to find a balance between coverage and cost, maximizing your protection while minimizing your premiums. A cheap E&O insurance policy might not offer enough protection for your business, while an expensive policy may be unnecessary for a low-risk business.

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2. Work with an agent who knows your business

Working with a knowledgeable insurance agent can usually save you money. An agent who is familiar with your industry's liabilities is more likely to get you an insurance policy that fits your risks and budget.

For example, choosing lower limits can help you save money on your policy. An experienced agent can help you set appropriate limits, recommend endorsements that match your risks, and also let you know which add-ons you can safely skip.

Without expert help, you might not know if the policy in front of you provides too much or not enough coverage.

3. Keep your claims history clean

As with auto insurance, a claim on your E&O policy can cause your premium to go up. Insurance companies may also be reluctant to insure a business with a lengthy record of claims, unless that business is willing to pay more.

Fortunately, you can take steps to reduce the likelihood of a claim. Errors and omissions lawsuits often arise from disagreements with clients. Clear communication, detailed contracts, and other measures can help you and your clients stay on the same track.

4. Choose higher deductibles

A deductible is the amount of money you must pay toward a claim before your insurance benefits kick in. Say an E&O lawsuit costs a total of $50,000 and your deductible is $5,000. The insurance policy will cover $45,000, after you have paid the $5,000 deductible.

When it comes time to choose an insurance policy, the deductible should be an important factor in your decision. In general, higher deductibles mean lower premiums. The trade-off is that in the event of a claim, your business is responsible for paying a larger share up front.

A higher deductible might be worth it if you're mostly concerned about unlikely but very expensive claims.

If a claim does occur, the amount you pay towards the deductible might be insignificant compared to what the insurance policy covers. On the other hand, smaller losses that are less than your deductible may not be covered at all under the policy.

Save money by comparing quotes with Insureon

Complete Insureon’s easy online application today to find affordable E&O insurance from top-rated U.S. companies. Once you find the right policy for your small business, you can begin coverage in less than 24 hours.

Compare errors and omissions insurance quotes
Save money by comparing insurance quotes from multiple carriers.