Insuranks
Insuranks

E&O Insurance Cost: How Much is Errors and Omissions Insurance?

icon Your information is secure with us and solely used to connect you to relevant insurance offers, companies and services.

Table of contents

1. What is EO insurance? 2. How Much Errors and Omissions Insurance Do I Need? 3. Errors and Omissions Insurance Cost4. Cost of Errors and Omissions Insurance for Different Professions4.1. E&O Insurance Cost for Insurance Agents 4.2. How Much is Errors and Omissions Insurance for Real Estate Agents? 4.3. How Much is Errors and Omissions Insurance for Glaziers? 4.4. What is the Cost of Errors and Omissions Insurance for Social Workers? 4.5. How Much is Errors and Omissions Insurance for Drywall Cleaners? 4.6. What is the Cost of Errors and Omissions Insurance for Freight Brokers? 4.7. How Much is Errors and Omissions Insurance for Debris Removal Businesses? 4.8. What is the Cost of Errors and Omissions Insurance for Bookkeepers? 4.9. How Much is Errors and Omissions Insurance for Fire Alarm Installers? 4.10. What is the Cost of Errors and Omissions Insurance for Accountants? 4.11. How Much is E rrors and Omissions Insurance for Appliance Repair Businesses?4.12. What is the Cost of Errors and Omissions Insurance for Arborists? 4.13. How Much is Errors and Omissions Insurance for Carpet Cleaning Businesses? 4.14. What is the Cost of Errors and Omissions Insurance for Spin Instructors? 4.15. How Much is Errors and Omissions Insurance for CCTV Installers? 4.16. What is the Cost of Errors and Omissions Insurance for Floral Designers?  4.17. How Much is Errors and Omissions Insurance for Veterinarians? 4.18. What is the Cost of Errors and Omissions Insurance for Amusement Parks? 4.19. How Much is Errors and Omissions Insurance for Media Professionals? 4.20. What is the Cost of Errors and Omissions Insurance for Event Planners? 4.21. How Much Do Home Inspectors Pay for Errors and Omissions Insurance? 5. Best Errors and Omissions Insurance Companies5.1. CoverWallet Errors and Omissions Insurance 5.2. Thimble Errors and Omissions Insurance 5.3. 5.4. NEXT Errors and Omissions Insurance 5.5. Hiscox Errors and Omissions Insurance 5.6. AIG Errors and Omissions Insurance 5.7. 5.8. Pogo Errors and Omissions Insurance 6. The Cost of Errors and Omissions Insurance is Nothing Compared to the Protection 

When you are running a business, managing risk is an integral factor in success. That is why you are an industry expert, and you know the ins and outs of your trade or service. Unfortunately, everyone makes mistakes. That is why there's errors and omissions (E&O) insurance. 


Finding quality affordable E&O coverage is easy when you shop. One thing to remember is that your errors and omissions cost should fit your budget, but should also offer enough coverage. 


EO insurance cost is a common consideration for a business owner, which is why we've compiled a list of multiple insurance carriers and their E&O insurance cost, so you can have your pick. 


Also read: Professional Liability Insurance 101, Pros & Quotes From $5

What is EO insurance? 

When thinking about insurance needs, you might only consider getting general liability coverage for property damage and bodily injury.  However, that’s not enough. You also need protection against risks resulting from negligence and errors. And so, decide to get E&O insurance which covers the following perils  include:  

  • Mistakes made by you, the business owner

  • Mistakes made by employees

  • Missed deadlines

  • Making errors that result in services or goods not being delivered


How Much Errors and Omissions Insurance Do I Need? 

Wonderful question. Actually, before wondering about errors and omissions insurance cost. You have to think about how much coverage to get. Why? The amount of coverage is a factor that drastically affects e and o insurance cost. 


How much E&O insurance you need to get depends on your job. For example, doctors decide to get $5 million coverage. > Accountants and bookkeepers , on the other hand, do fine having a $3 million coverage. For computer technicians and other related jobs, $1 million errors and omissions insurance is enough.


Also read: Professional Indemnity Insurance: Cost & Quotes From $11

Compare Cheap Errors and Omissions Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

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?

  • The average error and omission insurance cost is $31.67 a month or $380.4 a year for a $1 million coverage

 

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
Hiscox $31 $372 Small businesses, especially realtors, looking for quality E&O coverage. 
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:

  • Telling a customer to get a particular insurance policy that’s actually useless

  • Overbilling the customer

  • Losing the customer’s important document

  • 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:

  • Improper or poor record-keeping

  • Mistake in categorizing expenses

  • Failure to reconcile bank accounts

  • Not processing sales tax

  • 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. 


How Much is Errors and Omissions Insurance for Media Professionals?

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. 

Rank and Review Insurance Companies

Help others make better decisions

Show more

Best Errors and Omissions Insurance Companies

 

CoverWallet Errors and Omissions Insurance


If you are looking for insurance that is tailored for your business, CoverWallet is your answer for business solutions. It is part of Aon, which gives it access to global resources and broad business coverage abilities. 


Pros
  • Fast and easy application process

  • Excellent customer service

  • Affordable pricing by multiple carriers

Cons
  • Not the actual insurance provider

 

Best for: Small businesses looking for the cheapest E&O insurance

Average cost: $22.5

Our rating: 10/10




Thimble Errors and Omissions Insurance


Thimble started off with a different name (Verifly) in 2016, but it has expanded its services and used its current name since 2019. The company offers many insurance policies commonly needed by the business owner, such as: general liability, workers' compensation, and commercial property insurance. 


Pros
  • Coverage is offered for many professions, including niche markets.

  • Flexible coverage options offered

  • Fast application

  • Mobile app to manage accounts

Cons
  • Claims can be cumbersome with limited reporting options. 

  • All business coverage is not available in all states. 


Best for: New small businesses who haven't had previous insurance 

Average cost: $27

Our rating: 8/10




NEXT Errors and Omissions Insurance

 

NEXT  offers discounts if you bundle its errors and omissions insurance with other liability policies and business insurance policies. Go for Next if you want a carrier that modernizes insurance services. 

 

Pros
  • Offers discounts

  • Errors and omissions is available for a lot of professions

Cons
  • NEXT is not the ideal carrier for those who love traditional insurance processes


Best for: Errors and omissions insurance with discounts

Average cost: $28.83

Our rating: 8/10



 

Hiscox Errors and Omissions Insurance


One of the most familiar commercial insurance companies on the internet, Hiscox offers an errors and omissions insurance cost that is stable and fair. 


Pros
  • Offers tailored insurance to meet your industry

  • Covers realtors

  • Competitive error and omissions insurance cost with flexible payment options

Cons
  • Customer service by phone only

  • Many customer complaints


Best for: Small businesses, especially realtors, looking for quality E&O coverage. 

Average cost: $31

Insuranks Rating: 8/10




AIG Errors and Omissions Insurance


The beginnings of AIG started over 100 years ago, and it now offers insurance to people and businesses all around the world. AIG can handle your personal and commercial insurance needs, and it remains competitive because of its strong foundation and large, corporate size. 


Pros
  • It covers many industries, including aerospace. 

  • Offers reputation coverage for damages suffered after a lawsuit. 

  • Multiple other business policies available to bundle. 

Cons
  • No general liability

  • Must purchase through an agent


Best for: Established small businesses with low claims history

Average cost Cost: $36.75

Insuranks Rating: 7/10

 




Pogo Errors and Omissions Insurance


The cost of E&O insurance is what has made Pogo a big contender in the business insurance world. Their online application process and coverage for freelancers has made them a standout choice for E&O insurance. 


Pros
  • Easy online application used for multiple quotes

  • Coverage available for freelancers

  • Many policy types are available

Cons
  • No instant EO insurance quotes

  • Limited transparency about insurance companies


Best for: Small sole proprietorships or freelancers

Average cost: $40 

Our Rating: 6/10


The Cost of Errors and Omissions Insurance is Nothing Compared to the Protection 

Getting an E & O insurance quote might seem like a hassle, but it doesn't have to be if you shop around and make sure you are getting the right protection for the money. One lawsuit can put a small business under without insurance; while one lawsuit is just a hiccup if you have insurance.  


Ready to get insured? It’s to compare E&O insurance quotes online! To do so, simply click the “Get Quotes” button, complete the form and you’ll shortly receive E&O insurance quotes online for your required coverage from the best carriers in the United States. Start now!

Compare Cheap Errors and Omissions Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

Recent Reviews

Recent Posts