Errors and Omissions Insurance Cost
So how much does errors and omissions insurance cost? Your errors and omissions insurance costs will vary based on the insurance company chosen and coverage offered.
How much is errors and omissions (E&O) insurance in practical terms?
Here’s a table showing the E&O insurance costs of companies with the most comprehensive policies right now:
| Monthly Rate | Annual Rate | Best for |
| CoverWallet | $22.5 | $270 | Small businesses looking for the cheapest E&O insurance |
| Thimble | $27 | $324 | New small businesses who haven't had previous insurance |
| Next | $28.83 | $345.96 | Errors and omissions insurance with discounts
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| Hiscox | $31 | $372 | Small businesses, especially realtors, looking for quality E&O coverage.
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| AIG | $36.75 | $441 | Established small businesses with low claims history |
| Pogo | $40 | $480 | Small sole proprietorships or freelancers |
Cost of Errors and Omissions Insurance for Different Professions
E&O Insurance Cost for Insurance Agents
Errors and omissions insurance for insurance agents is important because they may omit certain aspects of their contract or be negligent and miss important milestones. Claims against insurance agents can arise because of a variety of mistakes. Such mistakes can be:
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Telling a customer to get a particular insurance policy that’s actually useless
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Overbilling the customer
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Losing the customer’s important document
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Sharing important customer details with third parties
So how much do insurance agents pay? Errors & omissions insurance cost for insurance agents is $58 a month or $696 a year.
How Much is Errors and Omissions Insurance for Real Estate Agents?
Like insurance agents much of the risk involved in working as a real estate agent lies in the lack of expertise and knowledge needed. Since no person is infallible, there is more risk for professionals selling high-dollar items such as real estate.
E&O coverage for real estate agents covers the cost of attorneys fees as well as the settlements or judgments that result after the lawsuit. As such, the average cost of e&o insurance for real estate agents is $59 per month or $708 per year.
How Much is Errors and Omissions Insurance for Glaziers?
Many glaziers decide to get errors and omissions insurance. Glaziers, after installing a glass, might make a window or door difficult to open and close. Another problematic incident is an installation project wherein the glass steams up. These issues are costly and clients won’t hesitate to file a claim to get reimbursements. On average, the cost of errors and omissions insurance for glaziers is $43 a month or $516 a year.
What is the Cost of Errors and Omissions Insurance for Social Workers?
Social workers might get involved in incidents of fraud or deception. Errors and omissions insurance provides protection against these perils. On average, social workers pay $80 per month or $960 per year for $1 million errors and omissions insurance coverage.
How Much is Errors and Omissions Insurance for Drywall Cleaners?
Using the wrong cleaning agents is one of the greatest threats common in drywall cleaning businesses. To remedy this exposure, most drywall cleaners spend $31.50 a month or $378 a year for a $1 million errors and omissions insurance.
What is the Cost of Errors and Omissions Insurance for Freight Brokers?
Sometimes, freight brokers commit mistakes in filing the important documents for a cargo. This will result in delays that will incur losses to the owner. A cargo owner has the right to sue if a freight broker can’t deliver his services well. To protect themselves from this exposure, freight brokers get a $1 million errors and omissions insurance that costs $47.25 per month or $567 per year.
How Much is Errors and Omissions Insurance for Debris Removal Businesses?
Errors and omissions insurance is essential for debris removal businesses. Many debris removal businesses are worried about the consequences if mistakes happen during an operation that cause waste materials to get spilled on properties. A debris removal business purchasing errors and omissions insurance spends $52 per month or $624 a year for a $1 million coverage.
What is the Cost of Errors and Omissions Insurance for Bookkeepers?
Some file a claim against bookkeepers because of the following perils:
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Improper or poor record-keeping
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Mistake in categorizing expenses
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Failure to reconcile bank accounts
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Not processing sales tax
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Poor petty cash management
Errors and oversights can be very costly for bookkeepers since clients demand the highest level of accuracy and efficiency in the service they’re paying for. To ensure expenses are kept at a minimum when a client files a claim, bookkeepers decide to get covered with a $1 million errors and omissions insurance that costs $38 per month or $456 a year.
How Much is Errors and Omissions Insurance for Fire Alarm Installers?
Fire alarm installers mostly worry about what will happen if they install a fire alarm incorrectly, then it gives false signals and causes mass panic. This is why many decide to get errors and omissions insurance for peace of mind. On average, fire alarm installers pay $8 per month or $96 per year for $1 million errors and omissions insurance.
What is the Cost of Errors and Omissions Insurance for Accountants?
Accountants can debit an amount from a source of funds twice, input the wrong figures on the balance sheet, or lose important documents out of carelessness. These mistakes are very expensive to wrap up in case a client decides to file a claim. Accountants always find errors and omissions insurance useful. Errors and omissions insurance for accountants costs $63.42 per month or $761.04 a year.
How Much is E rrors and Omissions Insurance for Appliance Repair Businesses?
Sometimes, appliance repair businesses end up aggravating the damage to their customer’s pieces. Errors and omissions insurance will be very helpful in such a situation. On average, errors and omissions insurance for appliance repair businesses is $27.59 per month or $331.08 per year for a $1 million coverage.
What is the Cost of Errors and Omissions Insurance for Arborists?
Arborists and other tree service professionals might damage a client’s tree or when felling a tree, miscalculate where the tree would fall and cause damage to property or injuries to third parties. Errors and omissions insurance for arborists and other tree service professionals is $20 a month or $240 a year.
How Much is Errors and Omissions Insurance for Carpet Cleaning Businesses?
Carpet cleaning businesses might end up using the wrong cleaning agents. This will result in damages to a client’s carpet. Most decide to get errors and omissions insurance to protect themselves if a client decides to file a negligence claim. Errors and omissions insurance for carpet cleaners is $51.87 per month or $622.44 a year for a $1 million coverage.
What is the Cost of Errors and Omissions Insurance for Spin Instructors?
Spin instructors might unintentionally cause a student to overexert himself or herself. This incident can be a ground for a negligence claim. Errors and omissions insurance for spin instructors is cheap. On average, it only costs $9.50 per month or $114 per year for a $1 million coverage.
How Much is Errors and Omissions Insurance for CCTV Installers?
CCTVs are expensive and they won’t work well if installed incorrectly. Customers can file a claim and demand reimbursements if CCTV installers cause damage to CCTVs during installation or install CCTVs in the wrong spots. Errors and omission insurance for CCTV installers costs $28.39 a month or $340.68 a year for a $1 million coverage.
What is the Cost of Errors and Omissions Insurance for Floral Designers?
Floral designers working in flower shops make mistakes by not following the instructions of a client or using a particular flower to which the client is allergic. $1 million errors and omissions insurance for floral designers costs $65.44 a month or $785.28 a year.
How Much is Errors and Omissions Insurance for Veterinarians?
Veterinarians can administer the wrong dosage of drugs, treat pets negligently, or give inaccurate medical advice to pet owners. The cost of veterinarian errors and omissions insurance, also known as veterinarian malpractice insurance, is $54.19 per month or $650.28 per year for a $1 million coverage.
What is the Cost of Errors and Omissions Insurance for Amusement Parks?
Amusement parks are expected to check rides vigilantly and assist customers closely to prevent accidents from happening. If an accident happens and it’s proven that amusement parks didn’t do their part well enough, a very expensive negligence claim might be filed. To avoid losing a lot of money when compensating injured parties, amusement parks get errors and omissions insurance. E&O insurance for amusement parks costs $50 per month or $600 per year for a $1 million coverage.
Media professionals also get errors and omissions insurance aside from media liability insurance. On average, media professionals pay $32.68 per month or $392.16 per year for a $1 million coverage.
What is the Cost of Errors and Omissions Insurance for Event Planners?
Event planners might miss deadlines and waste the client’s time and resources. Many find themselves facing claims for this mistake. Errors and omissions insurance for event planners costs $26 per month or $312 per year for a $1 million coverage.
How Much Do Home Inspectors Pay for Errors and Omissions Insurance?
Home inspectors might overlook something - the presence of molds, inappropriate design of a building’s structure, and more. Overlooking things can be a ground for a negligence claim, which is often costly for home inspectors. The cost of $1 million errors and omissions insurance for home inspectors is $44 per month or $528 per year.
