Arizona Errors and Omissions Insurance

How you can find the right type of policy

Written by Meg Stefanac
Written by Meg Stefanac

Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Arizona Errors and Omissions Insurance

No matter how careful and conscientious they may be while doing their jobs, Arizona professionals in a wide range of industries face the risk that they may be sued by an unhappy client. That is why errors and omissions insurance can prove essential.

If you are looking for an errors and omissions insurance policy, or just want more information about this important coverage, a local independent insurance agent can help. These experienced insurance professionals can answer your insurance-related questions, assist you with assessing your coverage needs, and obtain a variety of customized quotes from a few competing insurance providers.

There are hundreds of independent agents with offices in Arizona. Talk to an insurance agent near you to learn more.

What Is Errors & Omissions Insurance?

Errors and omissions insurance is a type of professional liability insurance. It is designed to protect individuals in professional positions by providing liability protection for cases pertaining to providing their professional services.

Who in Arizona Needs Errors & Omissions Insurance?

If you are a professional in a private practice or you own a business that provides professional services, you may want to consider purchasing errors & omissions insurance. While this coverage is not required by law, it is sometimes required by professional licensing boards.

There are a number of reasons why a client may claim that your services were inadequate, you acted negligently, or you made other professional errors that resulted in them experiencing injuries, financial losses, or other damage. If this happens, things can get very expensive very quickly for the uninsured.  

Insurance companies offer E&O policies designed specifically for people in various professional positions. Examples include:

  • Lawyers
  • Insurance agents and actuaries
  • Accountants, CPAs, bookkeepers, and tax preparers
  • Real estate agents and brokers
  • Architects and engineers
  • Antique dealers
  • Wedding planners
  • Career consultants
  • Funeral directors

This list is far from exhaustive. There are more than 100 different types of professions that can benefit from the coverage offered by errors and omissions insurance.

How Much Does Errors & Omissions Insurance Cost in Arizona?

Errors and omissions insurance costs can vary significantly from one profession to the next because some have higher risks of expensive lawsuits than others. 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 and the number of people you need to cover
  • How high your coverage limits are and the size of your deductible
  • Your claims history

A $1 million E&O policy typically costs 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 specifically, talk to a local independent insurance agent.

Your agent can contact a few competing insurance companies to obtain policy details and customized quotes on your behalf.

Errors And Omissions (E&O) Insurance

What Does Errors & Omissions Insurance Cover?

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

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

Examples of things that your policy can provide coverage against include lawsuits related to:

  • Negligence and oversights
  • Missed deadlines and undelivered services
  • Errors and omissions in services provided
  • Poor or inaccurate advice
  • Violations of good faith and fair dealing

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

What Doesn't Errors & Omissions Insurance Cover?

As with every insurance policy, there are exclusions to what errors and omissions will cover against. Many E&O policies will not cover claims involving:

  • Incidents that occurred outside of your policy’s coverage period
  • Illegal acts
  • Intentional wrongdoing and malicious acts
  • Bodily injury and property damage
  • Cost estimates, warranties, or guarantees
  • Infringement of copyrights, trademarks, patents, or trade secrets
  • False advertising

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

Does Umbrella Insurance Cover Errors & Omissions?

Although having a business umbrella insurance policy can significantly boost many of your commercial liability insurance products, your umbrella insurance coverage does not extend to errors & omissions insurance.

If you feel that you need more E&O coverage than your policy can provide, you can talk to a local independent insurance agent about purchasing an excess errors and omissions insurance policy or rider. This coverage acts in the same way as a traditional umbrella insurance policy in that it kicks in when your primary policy’s coverage is exhausted.

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

How to Get the Best Errors & Omissions Insurance in Arizona

The easiest and most reliable way to find a competitively priced E&O policy that provides all the coverage you need is by working with a local independent insurance agent. These agents work for you, not for a specific insurance company, so they are free to shop around to find suitable coverage at an affordable price.

There are more than 400 independent agents in Arizona. Set up an obligation-free consultation with an insurance agent with an office near you to start comparing customized errors and omissions insurance quotes.

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