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Errors and Omissions Insurance (E&O) is a type of professional liability insurance that protects companies and their workers or individuals against claims made by clients for inadequate work or negligent actions. Errors and omissions insurance often covers both court costs and any settlements up to the amount specified by the insurance contract.


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Don’t see the specific bond you’re looking for? Chances are we probably offer it! There’s thousands of bonds out there and it would be impossible to list them all. Contact us today to get a quote for the specific bond you need.

Contractor Errors and Omissions Insurance FAQ

We want you to feel comfortable working with our surety bond company and realize you may still have questions. Our FAQ section below will help you understand more about our business and what we do. Let’s learn more!

Why Is Contractor Errors and Omissions Insurance Recommended?

Errors and omissions insurance falls under a category called professional liability insurance, which is meant to offer a measure of protection to companies, workers, and other professionals from the worst-case financial implications that can come with claims filed against them for negligence or inadequate work.

It will cover legal fees such as attorney fees and court costs associated with the claim, if applicable, as well as whatever settlement accounts are appropriate within the confines of whatever amount of liability coverage the policy confers.

What Doesn't This Kind of Insurance Policy Cover?

First, these policies don’t offer financial protection for any claims that may have happened before the applicable retroactive date of business insurance policies. Additionally, claims that follow the policy’s extended reporting timeline are not covered. Beyond that, this is not general liability insurance, meaning it will not cover every liability. The following are examples of areas that would not be covered:

  1. Property damage or bodily injury caused by your business insurance. These are meant to be handled by your general liability insurance policy.
  2. Any illness or injury that employees may suffer while on the job. Workers’ compensation policies would be needed for this, and will potentially be required depending on which state you operate in.
  3. Any wrongdoing carried out on purpose or illegal acts.
  4. Any harassment or discrimination claims filed by your employees.
Is Errors and Omissions Insurance for Tax Preparers Mandatory?

If you run a tax preparation business, E&O insurance isn’t necessarily mandatory. However, considering the specificity and the nature of services a tax preparer will provide, it stands to reason that this kind of insurance would be immensely helpful with certain kinds of claims that customers may file.

Some people, upon finding out that there is no requirement for tax preparation businesses, may elect not to get this kind of insurance. Realistically, you never know when you’ll be hit with a claim for negligence or some other error that may have affected customers.

It would be better to have tax preparer errors and omissions insurance to deal with the astronomical out-of-pocket expenses associated with claims if you should ever find yourself on the wrong side of one.

Do States Ever Require E&O Insurance?

While there may be no such requirement for those providing tax preparation services, there are other natures of business, which you’ll often find states requiring this kind of insurance for. Such professions include real estate agents and home inspectors. Take the time to find out what the requirements are in your state since you may be required to carry E&O insurance without realizing it.

What Factors Affect the Cost of the Insurance Policy?

Small businesses may have different needs from individual professionals or large firms. Policy costs will be based on the needs of the company and the state that the business is located in.

Additionally, there’s the matter of the coverage limits you need, your claims history, and more. However, you’ll find that whatever the cost is, having a policy that covers you in these unpredictable situations is an invaluable investment.

Are there any Proactive Ways to Cut down the Premium?

There are steps you can take to help keep your costs as low as possible whether it’s errors and omissions insurance for home inspectors, tax preparer insurance, pet store insurance, or another kind entirely, it’s possible to keep your costs as favorable as possible by ensuring that your employees are trained, ensuring that you actively prioritize customer satisfaction via communication, and ensuring that quality assurance is built into your operations.

How Can I Get an Idea of What I'll Pay S Philips Surety & Insurance Services?

Simply fill out the short form on our webpage that allows us to provide you with a quick quote in the shortest possible order. We accept requests from agents too!

Is There a Difference Between Professional Liability Insurance and E&O Insurance?

Yes. Professional liability insurance is an entire class of different kinds of insurance, which includes E&O insurance.

How Do I Eliminate the Confusion on Which Kind of Insurance Covers What?

As you are looking to get an insurance policy, speak to a representative about any areas of ambiguity that may be present on what kinds of claims you are supported.

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