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E&O Frequently Asked Questions

What is Errors and Omissions Insurance?

Stated simply, Errors and Omissions Insurance is a product developed by insurance carriers to protect professionals who provide a service from the cost of lawsuits related to an error or omission which the client believes to have occurred. This error or omission can occur at any phase of the service.

You may find errors and omissions insurance referred to by any of a half dozen or so names, including:

• E&O
• E&O Insurance
• Errors Omissions
• Errors & Omissions
• Professional Liability
• Professional Liability Insurance

Who Needs Errors and Omissions Insurance?

If you’re a professional providing a service, you can be sued by any of your clients for an error or omission at any time. Even the best professionals in your field face this same risk, including the most diligent and careful among them. The reason you need this protection is that such claims carry with them significant defense costs for legal services should the case go as far as the courts—and often even if it does not. In many cases, you can incur thousands of dollars preparing your defense, only to have the case dismissed before it even gets before a judge.

Is Everyone Eligible for O&I Insurance?

Errors and Omissions insurance can cover just about any professional. At Axis, we work with certain types of professionals, including:

• Real Estate Eligible Classes
• Commercial Real Estate Agents
• Residential Real Estate Agents
• Real Estate Agents
• Real Estate Brokers
• Real Estate Property Managers
• Real Estate Appraisers
• Title Agents
• Escrow Agents
• Mortgage Brokers
• Mortgage Bankers
• Real Estate Consultants
• Lawyers
• Appraisers
• Property Managers
• Title & Escrow Agents
• Mortgage Bankers
• Architects
• Management Consultants
• Third Party Administrators
• IT Consultants
• Medical Groups
• Accountants & Auditors

Is E&O expensive?

When you consider the cost of E&O versus the cost of defending yourself in court, no, it’s not that expensive. Your premiums are calculated primarily on the size of your business, the kind of service you provide, and your loss history. Costs may also vary by location or by major carrier. Our job is finding you the carrier that has the right plan at the most affordable price.

What’s the procedure for getting started?

All you need to do is fill out the simple application with which we provide you. It will ask for all the information the underwriter needs to assess your exposure. It may also ask for financial statements or background on your management, and certain other details. If you have any questions about this, just give us a call or send an email. We’ll be happy to answer all your questions.