Alabama Errors and Omissions Insurance

We live in a litigious society. Alabama professionals in a wide range of industries face a personal risk that they may be sued by unhappy clients. That is why they can benefit from the protections of a solid errors and omissions insurance policy.

When you are shopping for errors and omissions insurance, a local independent insurance agent can help. These agents are available to explain in detail how these policies work, and they can help you review policies and quotes from some of the best insurance companies in Alabama.

Talk to an insurance agent near you to learn more.

What Is Errors & Omissions Insurance?

Errors and omissions insurance is professional liability insurance. It is designed to protect individuals and businesses against lawsuits based on accusations of negligence, inadequate work, missed deadlines, and other professional errors.

Who in Alabama Needs Errors & Omissions Insurance?

Anyone who works in a professional position in which they provide services that a client may claim are inadequate, or in which negligence or other errors could result in their clients experiencing injuries, financial losses, or other damages, can benefit from the protections of an errors and omissions insurance policy.

Insurance companies have put together E&O policies that are designed to meet the specific coverage needs of people in professions such as:

• Attorneys
• Insurance, financial, and investment advisers
• Accountants and tax preparers
• Information technology consultants and software developers
• Real estate agents and brokers
• Architects and engineers
• Graphic designers
• Wedding planners

In some cases, you will need to buy your own insurance. In others, your place of business may purchase it for you.

Whether you are an individual looking for a policy for yourself, or you are a business owner looking for coverage for your employees, you can talk to a local independent agent for help determining whether errors and omissions insurance is a good investment for you.

How Much Does Errors & Omissions Insurance Cost in Alabama?

Errors and omissions insurance costs can vary significantly from one profession to the next. Rates can be influenced by factors such as:

• Whether you are buying a policy for yourself or for your business
• The types of professions being insured
• How much coverage you are buying
• Your claims history

In general, E&O policies cost between $500 and $1,000 per person per year, but it is not unusual for policies to fall outside this range. To find out how much a policy will cost you, talk to a local independent insurance agent who can obtain a variety of customized quotes on your behalf.

Errors And Omissions (E&O) Insurance

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What Does Errors & Omissions Insurance Cover?

If you are sued for a covered event, errors and omissions insurance is designed to cover costs including:

• Legal fees
• Court costs
• Administrative costs
• Settlements and judgments

Covered events can vary a bit according to the type of profession you are in, but examples of what can be covered include claims of:

• Negligence
• Missed deadlines
• Errors in services provided
• Oversights
• Misrepresentation
• Poor or inaccurate advice
• Undelivered services
• Violation of good faith and fair dealing

Talk to a local insurance agent to learn the specifics of what a policy for people in your profession will cover against.

What Doesn't Errors & Omissions Insurance Cover?

As with every insurance policy, there are things that errors and omissions will not cover against. E&O will not cover claims involving:

• Incidents that occurred outside of your policy’s coverage period
• Illegal acts
• Intentional wrongdoing

Talk to a local independent agent for more information about what an errors and omissions insurance policy will and will not cover.

Does Umbrella Insurance Cover Errors & Omissions?

Although business umbrella insurance can boost several different types of insurance, it does not cover errors & omissions insurance.

If you want more E&O coverage than your policy can provide, you can get this through an excess errors and omissions insurance policy, which acts in the same way as a traditional umbrella insurance policy.

A local independent insurance agent can help you be certain that you have all the coverage you need as a professional in Alabama.

How to Get the Best Errors & Omissions Insurance in Alabama

If you are shopping for a good errors and omissions insurance policy and want to be certain that you are not overpaying for your coverage, a local independent insurance agent can help. These experienced agents are free to shop around to find you the policy that offers the best value for your hard-earned money.

There are more than 330 independent agents in Alabama. Contact an insurance agent with an office near you to start comparing errors and omissions insurance quotes.