Industry-Specific Errors & Omissions (E&O) Insurance: Professional Liability Protection Tailored to Your Field

What is E&O Insurance?

Errors & Omissions (E&O) Insurance, also called Professional Liability Insurance, protects your business against claims of:

• Negligent services
• Mistakes or oversights
• Undelivered promises
• Failure to meet professional standards

Unlike general liability, E&O covers financial harm rather than physical injuries.

Why Your Industry Needs Specialized E&O Coverage

🔍 72% of professional service firms face litigation every 5 years
💼 Average E&O claim costs $50,000-$150,000 in legal defense alone
📝 Many client contracts require proof of E&O coverage
🛡️ Standard policies often exclude industry-specific risks

Industry-Specific E&O Coverages

1. Technology & IT Services

• Software failures
• Data breaches from service errors
• Missed project deadlines

2. Healthcare Professionals

• Medical billing errors
• Patient record mismanagement
• HIPAA violations

3. Real Estate Agents/Brokers

• Disclosure oversights
• Contract errors
• Misrepresented property details

4. Financial Services

• Investment advice mistakes
• Accounting errors
• Regulatory compliance failures

5. Marketing & Advertising

• Copyright infringement
• Failed campaigns
• Defamatory content

6. Legal Professionals

• Missed filing deadlines
• Documentation errors
• Conflict of interest claims

What E&O Insurance Covers

✔ Legal defense costs (even for frivolous claims)
✔ Settlements and judgments
✔ Breach of contract allegations
✔ Claims of negligence
✔ Libel/slander from professional services

Common Exclusions

✖ Intentional wrongdoing/fraud
✖ Criminal acts
✖ Bodily injury/property damage (covered under general liability)
✖ Employment practices claims (need separate EPLI)

Coverage Limits & Recommendations

Industry	Typical Claims	Recommended Limits
Consultants	$25,000-$100,000	$500,000-$1M
Healthcare	$100,000-$500,000	$1M-$3M
Tech Firms	$250,000-$2M	$1M-$5M
Financial Advisors	$500,000-$5M	$1M-$10M

Pro Tip: Choose limits based on your largest potential client exposure.

Cost Factors

Your premium depends on:

• Industry risk level
• Revenue size
• Claims history
• Services provided
• Coverage limits/deductibles

Average Costs:

• Low-risk professions: $500-$1,500/year
• High-risk fields: $3,000-$15,000/year

5 Ways to Reduce Premiums

1. Implement quality control procedures
2. Maintain thorough documentation
3. Require signed contracts for all work
4. Choose higher deductibles if cash flow allows
5. Bundle with other policies (like cyber liability)

Claims Examples by Industry

💻 IT Firm: $275,000claimforfailedsoftwareimplementation🏥\ast \ast Medical\; Billing\ast \ast :$150,000 settlement for coding errors
🏠 Realtor: $85,000judgmentforundisclosedpropertydefects📈\ast \ast FinancialAdvisor\ast \ast :$2M lawsuit for improper investment advice

Get Your Custom E&O Protection Today

✅ Industry-Specialist Agents who understand your risks
✅ Multiple Carrier Options for competitive rates
✅ Fast Application Process