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ERRORS AND OMISSIONS INSURANCE

Errors & Ommisions

Errors and Omissions Insurance Des Moines

What type of companies should consider purchasing Errors and Omissions Insurance? Almost every professional can benefit from errors and omissions insurance, which is also called professional liability, professional indemnity or “E&O” insurance. This coverage will protect you from loss or damage arising from poor or misleading advice, or an act of negligence that leads to a client’s financial loss. Commercial General liability policies provide coverage for damages from bodily injury or property damage but leave coverage gaps when it comes to financial losses.
There are many different types of errors and omissions policies and the wording is not standard from carrier to carrier. Also, this coverage is written on what is called a “claims-made basis,” which is very different from other kinds of liability coverage.
Facts About Errors and Omissions Claims
  • 1 out of 7 professionals will be involved in an errors and omissions lawsuit
  • The average cost of a settled claim exceeds $18,000
  • 80% of all claims involve allegations of misrepresentation or negligence
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Types of Policies Available

The list below provides an overview of the various professions for which errors and omissions coverage is available. Keep in mind that this is not a complete list, and your agent will be able to provide some guidance when you decide to purchase commercial insurance coverage:
  • Professionals of all kinds in the healthcare industry
  • Architects and engineers
  • Attorneys
  • Insurance agents
  • Realtors
  • Accountants
  • Stockbrokers
  • Financial planners
  • Benefit plan administrators
  • Trustees
  • Appraisers
  • Veterinarians
  • Barbers and beauticians
  • Morticians

Examples of Losses Resulting in E&O Claims

There are many potential causes of loss that can involve errors and omissions insurance. For example:
  • A physician fails to make a critical diagnosis of illness due to lack of knowledge or a misinterpretation of symptoms.
  • A realtor fails to give a client all the information on a property and later the client finds the property is not zoned for the intended purpose.
  • A home inspector fails to make note of a mold infestation and a buyer ends up with an expensive problem to fix.
  • An attorney misses a filing date and a case is lost.
  • An accountant makes a mistake on a tax return, resulting in a financial penalty.
  • A beautician uses the wrong product and leaves a customer with severely damaged hair.
  • A stockbroker fails to execute an order in a timely manner and a substantial loss results.
  • A company website makes a particular statement or promise that is misleading or in some way causes a visitor to make a poor choice.

Errors and Omissions Insurance Policies Vary

There are no standard policies for errors and omissions coverage. Each carrier writes its own forms. While many features are similar, policies can have substantial differences in coverage. Also, rates are not regulated in this area of insurance as they are in more common forms of coverage and can vary substantially from company to company.
It is important to tailor your errors and omissions insurance to the specific risks you face in your line of work and it is frequently the case that the cheapest policy is not the best policy.
Important Notes on Errors and Omissions Insurance
When you are reviewing your professional liability risks and shopping for an errors and omissions policy, keep the following issues in mind:
  • Errors and omissions policies are not standard.
  • The options regarding retroactive dates and discovery periods can be critical to the long-term viability of coverage.
  • Professionals whose claim exposure can continue for many years after retirement should be especially sensitive to the availability of long discovery periods.
  • It is also important to know that policy conditions and premiums can vary dramatically, so it is important to obtain multiple quotes on your E&O coverage, and fully examine the coverage provided.
How Much Coverage Do I Need?
Errors and Omissions Insurance (also known as Professional Liability Insurance) costs range from a median of $860 to $1,939 and an average of $956 to $2,652 per year. E&O Insurance prices vary depending on the size and type of business you do.

Why Do Real Estate Agents Need Errors and Omissions Insurance?

Errors and omissions insurance, E&O for short, is the name used to describe a type of malpractice insurance coverage for real estate professionals. The coverage protects real estate professionals against financial losses from lawsuits filed as a result of their work in the real estate profession.

What is Notary Errors and Omissions Insurance?

A Notary Errors and Omissions (E&O) policy protects you, as a Notary, should you make an unintentional mistake or omission while notarizing. Or if someone files a false claim against you. Financial damages from a notarization mistake or omission can be filed against your NNA Notary bond.
Our goal at Densmore Insurance Strategies, Inc. is to provide insurance solutions that keep small to medium-sized businesses protected. That is why we combine various coverage options into one convenient package – for more benefits than a typical Business policy and better savings through competitive pricing.
We provide small and mid-sized companies that need Errors and Omission Insurance to protect their business. Our insurance agency provides specialized insurance protection to businesses near Ankeny Iowa, Altoona Iowa, Bondurant Iowa, Des Moines Iowa, West Des Moines Iowa, Johnston Iowa, Waukee Iowa, Grimes Iowa, Polk City Iowa, Pleasant Hill Iowa, Norwalk Iowa, Huxley Iowa, and Urbandale Iowa. We are licensed to serve Iowa, Illinois, Nebraska, Florida, Missouri, Arizona, Texas, and Tennessee.

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You deserve the best insurance coverage and we can provide it.
We know that you have a lot of choices when it comes to choosing an insurance company. That’s why we work hard to make sure that you always have the best possible coverage at the best possible price. We want you to be confident that your family is taken care of in case something happens. That’s why we offer a wide variety of insurance policies, so you can find the perfect one for your needs. And our team is always here to help – so don’t hesitate to call us if you have any questions.
Request a free quote today you can contact us at 515-967-3390.

WHY CHOOSE US?

Great Reputation

We have an excellent reputation in the insurance industry and are known for our high-quality products and services.

Emergency Services

We offer emergency services to our clients in the event of an accident or natural disaster. We are here to help you when you need us the most.

Competitive Rates

We offer competitive rates on our products and services. We work hard to get you the best possible rate on the coverage you need.

Dedicated Team

Our team is dedicated to providing our clients with the best possible service. We are here to answer any questions and help you find the right policy for your needs.
Quality relationships are not developed overnight. Instead, it’s a gradual progression founded on the concepts of honesty and trust. It takes commitment to foster long-term partnerships. At Densmore Insurance Strategies, Inc., we’re committed to building a business based on an innovative, collaborative structure.
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