Errors and Omissions insurance, often called E&O insurance or professional liability insurance, helps protect businesses from certain claims alleging mistakes, negligence, missed deadlines, inaccurate advice, inadequate work or failure to deliver professional services as promised. If a client claims your work caused them financial harm, an E&O policy can help pay for covered legal defense costs, settlements or judgments, even if the allegation is ultimately found to be without merit.
This coverage is designed for Colorado businesses and professionals that provide advice, consulting, design, technology services, financial guidance, real estate services, marketing services or other specialized expertise. Errors and Omissions insurance is commonly purchased by consultants, architects, engineers, real estate professionals, insurance agents, accountants, bookkeepers, IT service providers, marketing agencies, business coaches, staffing firms and many other service-based businesses.
How Much Does Errors and Omissions Insurance Cost in Colorado?
Errors and Omissions insurance is usually priced based on the type of professional service, annual revenue, number of employees, contract requirements, claims history and total coverage limit selected. Many small Colorado businesses may pay around $500 to $2,500 per year for an E&O insurance policy. Higher-risk professions, businesses with larger contracts, higher revenue, regulated services or increased client financial exposure may pay several thousand dollars more.
The final cost depends on your industry, professional services, annual revenue, client contracts, years in business, licensing requirements, prior claims, deductible and desired coverage limits. Pricing can also change based on whether the policy includes defense costs, prior acts coverage, intellectual property coverage, cyber-related professional services coverage, subcontractor coverage or other optional endorsements.
Which Carriers Offer Errors and Omissions Insurance?
Castle Rock Insurance and its partners work with a broad network of commercial insurance carriers that offer Errors and Omissions insurance for Colorado businesses and professionals. Depending on your profession, services, underwriting profile and eligibility, coverage may be available through carriers and programs such as Travelers, Chubb, CNA, The Hartford, Hiscox, Liberty Mutual, Nationwide, Markel, Great American, Philadelphia Insurance Companies, Berkley, AXA XL, Tokio Marine HCC, USLI, Coterie, NEXT Insurance, biBERK, Kinsale, Westchester and other admitted and specialty commercial insurance markets.
Because every professional business has different services, contracts and client exposures, there is no single carrier that is best for every situation. Castle Rock Insurance and its partners review multiple insurance companies to help Colorado businesses find competitive pricing and the right combination of Errors and Omissions insurance, General Liability, Cyber Liability, Directors and Officers Insurance, Employment Practices Liability, Commercial Umbrella and other commercial coverages based on their operations and professional risk profile.
Get an Errors and Omissions Insurance Quote Today
Professional liability claims can be costly, time-consuming and damaging to your business reputation, even when you believe your work was done correctly. Castle Rock Insurance and its partners make it easy to review Errors and Omissions insurance options from multiple commercial insurance carriers. Contact us today for a personalized quote and let us help protect your Colorado business from the financial impact of professional liability claims.
