Georgia Errors & Omissions Insurance
E&O Insurance
Also referred to as Professional Liability Insurance or Malpractice Insurance, Errors & Omissions coverage helps protect businesses from lawsuits claiming that a mistake was made while providing professional services. This policy will help cover the costs of court fees or settlements, although a policy may not cover the whole settlement if the amount exceeds the limit specified in the insurance contract.
An Errors & Omissions insurance policy helps cover the claim’s defense costs, alleged or actual negligence, resulting from the work of your employees, temporary staff, or independent contractors. Typically, the settlements are economic damages caused to your client resulting from your failure to adequately provide your professional services. Some policies include coverage for contingent bodily injury or property damage claims resulting from the failure of your professional services.
Each business has different exposures to this risk, so it is critical to partner with an experienced insurance agent who understands your business’s risks and the appropriate coverages available in the market.
What Does E&O Insurance Cover?
Errors and Mistakes
Claims arising from incorrect advice, misrepresentation, breaches of contract, or other professional mistakes are generally covered.
Professional Negligence
E&O insurance covers claims related to professional errors, mistakes, or omissions in the services provided. This includes legal defense costs and any damages awarded as a result of these claims.
Legal Defense
This insurance policy covers legal defense costs when defending against a covered claim, such as attorney fees and court expenses, even if the claim is ultimately groundless.
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What Errors & Omission Insurance Does Not Cover
E&O coverage includes a range of professional liability claims, but these plans typically contain exclusions. These exclusions can vary depending on the specific policy and the insurance provider. Some common types of claims and situations that are often not covered under E&O insurance include:
- Intentional Wrongdoing: E&O insurance usually does not cover claims related to intentional acts, fraud, or illegal activities. If the professional knowingly engages in wrongful or fraudulent behavior, it may not be covered.
- Bodily Injury & Property Damage: E&O insurance is distinct from general liability insurance. It does not cover claims related to bodily injury or physical property damage.
- Product Liability: E&O insurance focuses on professional services and advice, not physical products or property. Claims related to property damage or product liability are typically excluded.
It's important for professionals and businesses to carefully review their E&O insurance policies to understand all specific coverage and exclusions. Depending on its needs, a business may need to supplement E&O insurance with other types of coverage, such as cyber insurance, commercial auto insurance, and property insurance, to ensure comprehensive protection against various risks.
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What Does E&O Insurance Cost?
The cost of E&O insurance can vary widely depending on several factors, including the type of profession or industry, the level of coverage required, the size of the business, the geographic location, the claims history of the insured, and the specific terms and conditions of the policy. Here are some factors that can influence the cost of E&O insurance:
- Profession or Industry: High-risk professions, such as healthcare or financial advising, often have higher premiums.
- Coverage Limits: The higher the coverage limits (the maximum amount the policy will pay out), the more expensive the insurance will be.
- Claims History: Businesses or individuals with a history of past E&O claims may face higher premiums due to their perceived higher risk.
- Company Size: Larger businesses with more employees or clients may have higher premiums due to increased exposure to potential claims.
- Location: The cost of insurance can vary by location due to factors like local legal environments, litigation trends, and regulatory requirements.
To get an accurate estimate of the cost of E&O insurance for your specific situation,
contact an insurance broker from BIS Benefits. We can assess your needs and provide you with comprehensive coverage quotes based on your profession, business size, location, and other relevant factors.
Our Carriers
We work with all the top-rated carriers in Georgia, including
Selective,
Hanover,
Travelers,
Hartford,
Nationwide,
Chubb,
Liberty Mutual, and more.
Who Needs Errors & Omissions Insurance?
Financial Advisors & Planners
Professionals who provide financial advice, manage investments, or offer financial planning services may need E&O insurance to protect against claims related to investment recommendations or financial decisions.
Real Estate Agents & Brokers
Those involved in the real estate industry can benefit from E&O insurance, as they often deal with contracts, property transactions, and potential legal issues.
Healthcare Professionals
While medical malpractice insurance covers healthcare providers, E&O insurance may be necessary for non-medical healthcare professionals like healthcare consultants or medical billing companies.
Attorneys
E&O insurance is vital for attorneys to defend against claims of professional negligence, maintaining client trust, covering legal fees, and fulfilling regulatory obligations.
Architects & Engineers
These professionals may need E&O insurance to protect against claims related to design errors, project delays, or structural defects.
Where We Work
BIS Benefits works with companies across the state of Georgia, including the following cities:
General Liability Insurance FAQs
Are there any E&O insurance regulations in Georgia?
There are no requirements for E&O insurance under Georgia state law. However, they are recommended by many clients and professional organizations. In many lines of work, lawsuits occur whether or not the associated claims are legitimate, so having an E&O policy can protect businesses from financial harm.
What insurance products are used alongside E&O insurance to guarantee comprehensive coverage?
Cyber insurance, commercial auto insurance, general liability insurance, and commercial property insurance are some of the most common types of business insurance that are used to fill gaps in an E&O policy.
What are claims-made policies?
A claims-made policy covers claims made against a business during the policy's terms. Most E&O policies are claims-made policies.
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