Errors and Omissions Insurance
Why Do You Need Errors and Omissions Insurance?
An errors and omissions claim can put your entire business at risk. Even if the person suing your business drops their lawsuit, you still may have to pay thousands of dollars in legal expenses. If their claim goes to court, your expenses, settlements and judgments can reach into the millions. Without errors and omissions insurance, these costs may have to come out of your business and personal assets.
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If your business faces a lawsuit related to the services you provide, errors and omissions insurance can help cover:
Attorney fees, which can be $100 to $200 an hour for E&O insurance cases.1 In larger cities, some lawyers can charge up to $400 an hour. Because liability cases can last several months or even years, legal costs for small businesses can average $3,000 to $150,000.2 Even if a case doesn’t go to court, you may still have to pay an attorney an average of $5,000 to respond to the claim and provide legal counsel.3
Court costs that include reserving a room where the hearings will take place. If it’s a long case, your court costs can easily total thousands of dollars. You may also need to pay for expert witnesses to provide medical and technical evaluations.
Administrative costs for gathering documents, such as: