In South Dakota, there are approximately 86,550 small businesses. Some of those companies will need coverage for the advice that they give. Errors and omissions insurance can help protect your operation in the event of a loss.
An independent insurance agent will be able to find a policy with an A-rated carrier. They have a network of options so that you get coverage that won't break the bank. Connect with a local expert for tailored quotes today.
What Is Errors and Omissions Insurance?
If you're in the consulting business in South Dakota, you have to be careful of what advice is given to clients. If you are found negligent, you could be at significant financial risk. Errors and omissions insurance or E&O can help protect your business against the following risks.
- Errors in services given
- Inaccurate advice
- Violation of good faith and fair dealing
What Does Errors and Omissions Insurance Cover in South Dakota?
In South Dakota, E&O insurance is often overlooked unless you're required to obtain coverage. Many professionals need E&O insurance. The most known about are usually the types listed below.
- Real estate agents
- Business brokers
- Insurance agents
- Financial advisers
Your South Dakota E&O insurance will help cover several items when a claim arises. Some of the most common are the following.
- Administrative fees
- Settlements or judgments
- Attorney fees
- Court fees
How Much Is Errors and Omissions Insurance in South Dakota?
Your commercial insurance costs will vary. From commercial auto to professional liability, coverage is unique to your operation. Check out what the carriers use to determine your South Dakota E&O policy premium.
- Number of claims in the area
- Your prior claims reported
- The industry you are in
- Your financial statements
- Your insurance score
- Your experience level
- How your business operates
- Safety measures taken
You can obtain your exact pricing by having a professional quote your coverage. For instant savings, consider bundling your policies. When you bundle all of your insurance with the same carrier, you'll get a deep discount.
Who Needs Errors and Omissions Insurance in South Dakota?
In 2019, South Dakota had $2,227,477,000 in commercial insurance claims paid out alone. Not all businesses will need E&O insurance, but it's essential to know if yours does. Take a look at the following industries that this may include.
- Advertising agencies
- Lawyers and firms
- Marketing agencies
- Website developers
- Hair salons and spas
- Veterinary offices
- Financial services
- Real estate agents and brokers
- Insurance agents and agencies
Does Umbrella Insurance Cover Errors and Omissions In South Dakota?
A loss in the millions is not uncommon in the world today. This makes having an umbrella more important than ever. Unfortunately, your South Dakota commercial umbrella insurance will not include protection for an E&O claim. Check out how coverage can help.
- Commercial umbrella insurance: This provides an additional liability limit for your underlying business insurance policies. It will pay for bodily injury, property damage, and libel or slander losses that exceed your general liability, business property, and commercial auto policies.
How to Get Errors and Omissions Insurance in South Dakota
The right coverage can be found through a trusted adviser. When it comes to protecting your South Dakota business, insurance is vital. Errors and omissions insurance can be confusing if you're not a licensed professional.
An independent insurance agent can help you save big time by quoting your coverage with numerous markets. Since they do the shopping for you at no cost, you can relax. Connect with a local expert on TrustedChoice.com today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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