Errors & Omissions Insurance Calculator
Estimate your Errors & Omissions (E&O) insurance premium in seconds. E&O covers claims of negligence and mistakes in professional services.
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How Much Does E&O Insurance Cost?
Errors & Omissions insurance costs between $500 and $8,000 per year for most professionals. IT consultants might pay $800–$2,500 for $1M coverage. Real estate agents pay $400–$900. Insurance agents pay $1,000–$3,000. The premium depends heavily on profession, revenue, and coverage limit.
What Factors Affect Your Premium?
1. Profession
Higher-risk professions pay more. Real estate and insurance have higher claim frequency. IT and consulting have moderate risk. Marketing is on the lower end.
2. Annual Revenue
Revenue correlates with the size of engagements and potential damages. A firm billing $1M per year is exposed to larger claims than one billing $100K.
3. Coverage Limit
Doubling your coverage limit roughly doubles the premium. Most professionals start with $1M per claim / $1M aggregate.
4. Claims History
Any prior E&O claim will raise your premium significantly for 3–5 years. A clean history earns 10–25% discounts.
Frequently Asked Questions
Is E&O insurance required?
Rarely by law, but frequently by clients and contract requirements. Many enterprise clients require their vendors to carry at least $1M in E&O coverage.
What does E&O cover?
Claims of professional negligence, errors, omissions, misrepresentation, and breach of duty. It covers legal defense and settlements/judgments — but not intentional wrongdoing.
What's the difference between E&O and professional liability?
They're the same thing. "Professional liability" and "E&O" are used interchangeably. Medical professionals use "malpractice," and tech companies sometimes use "tech E&O."