New Errors and Omissions Insurance

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What does errors and omissions liability insurance cover?

Whether called errors & omissions, professional liability, or even indemnity insurance, your policy will cover material claims of mistakes, omissions, and negligence against you and your business.

Errors and omissions insurance protects you when you fail (or your client claims that you have failed) to perform your agreed upon services, provide inaccurate advice, or make a mistake. A client can take you to court over these real or perceived errors, and that’s where errors and omissions policy can protect your small business. Legal fees can add up quickly. Do you have the capital to cover the costs of litigation out of pocket?

What’s covered?

  • Actual or Alleged Negligence
  • Legal Defense Costs
  • Your Crew (Temporary staff and independent contractors)
  • Claims and damages

What’s not covered?

  • Bodily injury
  • Property Damage
  • Fraudulent acts
  • Employment matters
  • Workers’ Compensation
  • False advertising
  • Patents and trade secrets
  • Personally identifiable information

Please see below as occupational exclusions apply as well.


Who needs E&O insurance?

Whether you’re a small business, freelancer, or independent worker in a variety of professional services, you can benefit from E&O insurance.

For example, say you’re a freelance web developer and you make a mistake rebuilding your client’s website that results in a loss for their business. You are likely to be hit with a lawsuit. This is where errors and omissions insurance would protect you.

There are occupations and activities (regardless of occupation) that policies with Thimble do not cover.

Excluded Activities:

  • Health care professionals
  • Financial Advisors
  • Actuaries
  • Pharmacists
  • Educators / Teachers
  • Lawyers
  • Architects and Engineers
  • Stockbrokers
  • Insurance Agents

We’re hard at work adding new professions – come back again to see if we can cover any of the activities above in the future. Additional occupational exclusions may apply.


Is E&O insurance required?

An errors and omissions policy is not required for every project. There are, however, two scenarios in which errors and omissions insurance could be required — if your client requires it, or if state or federal law requires it due to your industry.

Large, sophisticated clients sometimes require your small business to have E&O insurance to cover any potential errors or omissions in your work.

The work within certain industries has higher levels of associated risk than others. In scenarios where this risk is so high that errors could result in a loss for your client, some state and federal laws require that you have errors and omissions Insurance prior to beginning your work.


How much does E&O liability cost?

Errors and omissions coverage is made affordable with Thimble’s flexible policies available by the hour, day, week, or month. Never pay for insurance coverage that you don’t need.

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The cost of errors and omissions insurance coverage will vary depending on a few factors including duration of your policy, location, and industry.

ZIP codes affect the cost of your policy. Premiums vary from state-to-state and can fluctuate between rural and metropolitan areas within a particular state.

Your premium may also be affected by your industry. Certain industries are more susceptible to errors and omissions claims, which could in turn make your premium higher.


What’s the difference between general liability insurance and E&O insurance?

Glad you asked. Policies with Thimble include both general liability and E&O (professional liability) insurance in one simple and affordable package but it’s important to know what each type of insurance provides.

Professional Liability Insurance Includes:

  • Errors and Omissions
  • Negligent Acts
  • Associated Legal Defense

General Liability Insurance Includes:

  • Bodily Injury
  • 3rd Party Property Damage
  • Associated Legal Defense
  • Insurance Agents

What other insurance coverage do I need for my business?

While professional liability insurance is designed to protect your business from risks associated with errors & omissions, there are a number of other coverage types that you should consider.

Malpractice insurance is a type of professional liability insurance specifically designed for health care professionals. If you work in health care, you may need malpractice insurance to cover the specific risks of your profession.

Employment Practices Liability insurance extends beyond the protection offered by professional liability, focusing on employee suits based on allegations of wrongful termination, sexual harassment, invasion of privacy, wage violations, and more.

General liability insurance protects policyholders against risks like accidental bodily injury, property damage, and advertising injury to a third party. This coverage is essential for businesses operating across a range of industries.

Professional Liability Availability

We’re rolling out Professional Liability state by state, and hope to be nationwide soon. Professional Liability is available for these categories:
  • Consultant + Freelancers
  • Fitness Professionals
  • Beauticians
  • Event Professionals
  • Entertainment
  • Pet Professionals

Want to know when we’re live in your state?
Give us your email so we can let you know!

  • General Liability
  • General + Professional Liability

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Coronavirus and your business

We know your small business has likely been impacted, so we've put together some resources that we think may be useful.