Take Action to Address the Special Risks Faced by Experts
When your business is based on sharing your expertise, you need comprehensive, cost-effective insurance to protect you from damages or legal costs that may arise. Errors and omissions (E&O) insurance, also known as professional liability (E&O) or professional indemnity insurance, provides important coverage. And when you get it from biBERK, you’ll save up to 20% over other providers.
What Does Errors & Omissions Insurance Cover?
Errors and omissions insurance from biBERK helps protect your business if you make a mistake (error) or fail to perform a service (omission). Professional liability insurance also covers the related defense costs, even from unfounded claims. Claims can include the following scenarios:
Unfulfilled Promises
Negligence
Errors
E&O insurance covers the cost of damages—including punitive damages if coverage of them is allowed by law in your state—up to the policy limit. Punitive damages are assessed by courts on top of other damages, and can be very high. biBERK also covers the cost of your legal defense and provides an attorney to represent you.
Small Business Insurance Experts
biBerk has over 200,000 satisfied customers and focuses exclusively on small businesses. Why is biBerk the business insurance company so many organizations rely on? There are many reasons.
Save Time
Get a quote entirely online or speak with one of our insurance experts right away for help getting a quote, buying a policy, or answering any questions you may have.
Save Money
We insure your small business directly, without a middleman or insurance broker, so we pass that savings along to you - up to 20% less than policies with other insurance companies.
Experienced
We're part of Warren Buffett's Berkshire Hathaway Insurance Group with millions of satisfied customers, more than 75 years of insurance experience, and $38 billion in paid claims in 2020.
Who Should Consider Errors & Omissions Insurance?
If you provide a professional service, if you give advice to clients, or if you’re obligated by a contractual agreement, you should consider carrying professional indemnity insurance.
- Attorneys
- Certified financial analysts
- Corporate trainers
- Financial advisor
- Home inspectors
- Insurance agents
- IT consultants
- Loss control inspectors
- Notaries
- Real estate agents and brokers
- Software companies
- Travel agents
- Tutors
- Veterinarians
E&O Coverage Offers Protection Beyond Claims
Depending on the coverage you choose, errors and omissions insurance can protect against more than just claims related to errors, omissions, or negligence. Other protections can include:
If your policy has an agreed-upon retroactive date or full prior-acts coverage, biBERK may still help cover the costs associated with claims that are filed after coverage begins – even if the error, promise, or negligent act happened before coverage was effective. For example, let’s say your professional liability policy began on June 30, with a retroactive date of January 1. On July 15, a former client claims you made a mistake on their taxes in March, which you were unaware of when you purchased the policy. Since the occurrence causing the claim took place during the retroactive coverage period (between January 1 and June 29) and the claim is made during your regular coverage period, you’ll likely be covered. With full prior-acts coverage, you’ll have coverage for all services provided before the policy period. If you haven't bought a policy before, claims will only be covered if the error, promise, or negligent act happens during the policy period.
For added peace of mind, biBERK’s professional liability insurance may cover the costs of litigation, depending on the terms and conditions of your policy. This includes claims related to negligent acts and errors or omissions, even if the accusation turns out to be groundless.
We offer an add-on to our professional liability insurance called cyber liability insurance. This covers data breaches and cyberattacks that result in the loss, theft, or accidental release of a client’s personal information. It also provides coverage for regulatory action defense if a government agency requires you to appear in court.
What Isn’t Covered by Errors and Omissions Insurance?
Professional liability insurance is fairly comprehensive. However, there are some things that aren’t covered with your policy. For example, biBERK and other typical E&O policies don’t cover product guarantees or warranties your company makes. We also don’t provide coverage when a client is simply unhappy with your work. For coverage to apply, the claim must be the result of an error or omission. A few other exclusions include:
Illegal Acts or Costs of Defense for Criminal Prosecution
We’re here to protect you from financial risks resulting from honest mistakes. Breaking the law is outside of the scope of coverage.
Regular Accidents That Aren’t Related to Your Expertise
Trips, falls, and other incidents can occur at any business and in any industry. They’re covered by a general liability policy rather than E&O insurance.
Employee Injuries and Related Costs
To pay for your employees’ health care bills and lost wages in the event of a work injury, you’ll need a workers’ compensation policy.
Damages to Your Business Property
A policy that offers property coverage, such as our business owner’s policy, is designed to protect your company’s assets, such as computers, tools, or other necessities.
What Does Errors & Omissions Insurance Cost?
biBERK’s E&O insurance policies start around $300 and can go up into the thousands. This cost is based on a number of factors, including your specific industry, the level of coverage you select, your years in business, number of employees, revenue, and the policy limits you need. Professional indemnity insurance is an affordable way to protect your business, but there are also ways you can further reduce the cost:
biBERK Insurance Coverage by State
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