Why is errors and omissions insurance necessary?

When it comes to the relationship between a business and its customers, there’s an expectation of professionalism. But if a business falls short of those expectations, customers may file liability claims.

Errors and omissions (E&O) insurance, or miscellaneous professional liability, is like a safety net for business owners. It helps protect against claims from clients or customers who believe they’ve suffered financial losses due to mistakes, oversights or negligence from the business. E&O coverage may be included in some business owner policies or as a separate policy not sold by Allstate.

How much does errors and omissions insurance cost?

Allstate offers several options with limits ranging from $10,000 to $1 million. Several factors affect the premium cost of E&O insurance, including:

  • Policy limits
  • Type of business industry
  • Where the business operates
  • Number of employees
  • History of liability claims against the business

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E&O and professional liability insurance FAQs