text: A typical E&O policy is claims-made, meaning the insurance company pays claims only if they’re filed when the policy is active. And the incident must have occurred after a retroactive date that clearly defines the day coverage began.
  All claims-made policies come with restrictions on covered claims, which is why it’s essential to maintain continuous coverage.
  E&O insurance costs an average of $59 per month. This is based on the median cost of policies. And 18% of Insureon’s small business customers pay less than $42 per month for their policies.
  Errors and omissions insurance for insurance agents can protect against an oversight that left a client vulnerable to liabilities. It also covers bad advice that led to inadequate coverage. Some clients may require proof of E&O insurance before they agree to work with you.
  Errors and omissions insurance helps real estate agents and brokers pay for lawsuits over failure to close, mismanagement, disclosure errors, or other professional issues. Unless you can prove you carry an E&O policy, some clients, buyers, or sellers may refuse to work with you.
  E&O for tax preparers covers the costs of lawsuits over missed deadlines, accounting errors, or lost documentation. This policy offers indirect protection for the client if there’s a mistake in their taxes. That’s why some clients will ask for proof of insurance before they’ll use your financial services.
  Errors and omissions insurance protects IT professionals from lawsuits over contract disputes, data breaches, coding errors, and more. Some clients will only work with tech companies that can prove they have an active E&O policy.