What is errors + omissions insurance?
Simply put, errors & omissions (E&O) insurance covers mistakes in your work. It’s also called professional liability insurance or professional indemnity insurance, but it all refers to the same thing (you know how insurance goes).
Accidents happen, but some mistakes—the kind that result in financial loss for your customers—can lead to claims of negligence, legal defense fees, and court dates. All of those things get in the way of your success building your business, so for claims involving third parties other than physical damage, you need professional liability insurance.
“Errors and omissions is essential for a complete risk management package, protecting your business and assets, whether you are actually responsible, or someone just claims you are.”
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Who needs errors + omissions insurance
Professional liability insurance is beneficial across a wide range of professional services, whether you’re a small business, freelancer, or independent worker.
Basically, professional liability is insurance for ‘experts.’ If your clients rely on you for professional advice and specific knowledge, from photo editing to notarizing documents, they can also claim that a mistake in your work resulted in a loss on their part. General liability insurance protects businesses against physical damage to a third party; for everything else, you need professional liability.
What does errors + omissions cover?
Actual or Alleged Negligence
Claims that you (or members of your crew) were negligent in completing your work, such as missing a due date or not acting professionally.
Legal Defense Costs
Legal costs for claims that you didn’t follow through on a portion of your deliverable, be it the word count on an article or the file format on a wedding video.
Claims and Damages
Along with helping to cover legal fees, professional liability can also account for settlements arising from legal action.
What’s not covered?
Claims for damages because of:
- Bodily Injury
- Property Damage
- Fraudulent Acts
- Employment Matters
- Workers’ Compensation
- False Advertising
- Patents and Trade secrets
- Disclosure of Personally Identifiable Information
- Health care professionals
- Educators and teachers
- Financial advisors
- Architects and engineers
- Insurance & real estate agents
Where can I get errors and omissions insurance?
Errors and omissions with Thimble is available in select states.
How much does errors and omissions cost?
The cost of errors and omissions coverage will vary based on a number of factors—mainly what you do and where you work. Your industry determines how much you’re exposed to risk, as some jobs come with a higher likelihood of professional liability, and if you live in a metropolitan area, you’ll likely pay a little more to get insured.
Thimble makes errors and omissions insurance affordable because it only works when you do. Buy coverage by the hour, day, week or month, and save money when you’re off the clock.
- What do you do for a living? App Developer
- Enter your business zip code 22401
- Choose your coverage Monthly
- Do you have anyone working with you? Just Me
What other kinds of business insurance do I need?
While professional liability insurance is designed to protect your business from risks associated with errors & omissions, there are a number of other coverage options to consider.
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.
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.
Errors and omissions FAQ
Where is errors and omissions available with Thimble?
Errors and omissions insurance is currently available with Thimble in AL, AR, AZ, CA, FL, KY, MD, MI, NJ, NM, NV, OH, OR, PA, SC, TN, UT, and WV. If you don’t see your state yet, stay tuned!
Can I get my errors and omissions and general liability under one policy?
Yes! Policies with Thimble include both general liability and errors and omissions coverage in one simple, affordable package to give you a wider safety net when working with clients. If you only need one or the other, you can easily unbundle them before purchase.
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