Errors Omissions EO Insurance

A Comprehensive Guide to Errors & Omissions Insurance: Comparing Quotes, Saving Money, and Buying Online

Errors and omissions (E&O) insurance, also known as professional liability insurance, protects businesses and professionals against claims of negligence or inadequate work. It’s a vital coverage for many professionals, such as lawyers, architects, engineers, consultants, and more. This guide will help you understand how to compare E&O insurance quotes, explore the pros and cons, discuss pricing, ways to save money, and the process of buying E&O insurance online.

Comparing Errors & Omissions Insurance Quotes

Comparing E&O insurance quotes involves the following steps:

  1. Identify Your Risks: Understand the specific risks associated with your profession that could potentially lead to an E&O claim.
  2. Obtain Quotes: Use online comparison tools or contact insurance companies directly.
  3. Compare Coverage and Premiums: Look at the coverage scope, limits, and exclusions, as well as the cost of premiums for each quote.
  4. Check the Insurer’s Reputation: Look at customer reviews and professional ratings to gauge the insurer’s reputation and service quality.

Pros and Cons of Errors & Omissions Insurance


  1. Protection Against Claims: E&O insurance can protect your business from the financial impact of negligence claims.
  2. Coverage for Defense Costs: Even if a claim is unfounded, legal costs can be significant. E&O insurance can cover these costs.
  3. Client Confidence: Having E&O insurance can boost your credibility with clients, showing you have coverage if something goes wrong.


  1. Cost: E&O insurance can be costly, especially for high-risk professions.
  2. Policy Restrictions: E&O policies may have specific exclusions and limitations. Claims related to intentional wrongdoing or fraudulent acts, for example, are typically not covered.

How to Save Money on Errors & Omissions Insurance

1. Shop Around: Premiums can vary significantly between insurers, so compare quotes from multiple companies. 2. Manage Your Risks: Implement risk management procedures in your business to reduce the likelihood of an E&O claim. Insurers may offer lower premiums to businesses with strong risk management practices.

  1. Consider a Higher Deductible: Choosing a higher deductible can lower your premiums. Be sure, however, that you could afford to pay the deductible amount if a claim arises.

Comparisons and Top Companies

When comparing E&O insurance providers, consider factors such as coverage options, premiums, financial strength, and customer service. Some top-rated E&O insurance companies as of my last update in September 2021 include Chubb, The Hartford, and Hiscox.

As with other insurance products, defining the worst companies can be subjective and influenced by personal experiences and specific circumstances. Always conduct your own research and consider reviews and ratings from reputable sources.

Agents vs Brokers

Agents typically represent specific insurance companies and can provide in-depth knowledge about their E&O insurance products. They can offer personalized service but are limited in their product range.

Brokers, on the other hand, represent multiple insurance companies and can help you compare E&O insurance products across a wider range to find the best one for your needs.

Buying Errors & Omissions Insurance Online vs In-Person


Buying E&O insurance online offers convenience. You can get multiple quotes, compare coverage, and even purchase a policy from home. However, it’s important to do your research and understand the policy terms, as you won’t have the personalized guidance of an agent or broker.


Buying E&O insurance in person provides personalized service. You can get your questions answered, understand policy details, and receive assistance with the application process. However, this method may limit your options and can be more time-consuming.

In conclusion, E&O insurance is a significant component of risk management for many professionals and businesses. Whether you choose to buy online or in person, through an agent or broker, it’s crucial to compare quotes, understand the policies, and consider your own professional risks and needs. Your efforts can lead to significant savings and better protection for your business.