If you’re an insurance professional who works with clients, an errors and omissions (E&O) insurance policy – also known as professional liability insurance – can help protect your reputation, your business, and your wallet.
As someone who provides professional insurance services, there’s always a risk you could be sued for a mistake or oversight. Learn how E&O insurance from Berxi can give you the financial support you need to survive a lawsuit – and the peace of mind to ensure your business thrives.
Errors and omissions insurance for insurance professionals is a type of professional liability insurance specifically designed for those who work in insurance, such as agents, agencies, brokers, claims adjusters, and appraisers. When your work revolves around insuring others’ finances, property, and well-being, it comes with a certain amount of risk – and often, that risk is beyond your control.
That’s where errors and omissions insurance comes in. If a client claims you made a costly mistake or were negligent, your E&O insurance coverage can provide you with legal counsel to defend against claims or lawsuits, as well as the funds to pay for damages you may owe. Depending on the policy you choose, E&O insurance can also provide additional coverage to protect your reputation, reimburse you for lost wages, and defend you against challenges to your professional license.
If a client files a claim or sues you for an unintentional negligent act or omission, E&O insurance can cover the cost of defending yourself against the claim, as well as the damages that you may have to pay. Depending on your policy, expenses covered by a typical E&O policy might include:
Those are the expenses that your E&O policy may protect you against in the event of a claim, lawsuit, or licensing action. But what kinds of errors and omissions does E&O insurance actually cover?
E&O insurance can cover a wide range of mistakes and negligent acts in your professional services. For example, if you fail to advise adequate coverage for your client, incorrectly explain the coverage to them, or fail to communicate important client information to a potential insurer, and those errors or oversights result in a loss for your client, E&O coverage can help protect you in any resulting claim or lawsuit. Errors and omissions insurance can also cover instances where your client alleges that you failed to meet industry standards in the services you provided.
If you enter into a contract with a client and subsequently break the terms of that contract – for instance, by going over budget or missing a deadline – and the client files a claim, your E&O policy can cover your resulting expenses.
Errors and omissions insurance is a must-have for all kinds of insurance professionals. Berxi offers E&O insurance for the following insurance professionals and businesses:
The cost of defending or settling even a trivial claim can be substantial. It can also create a distraction from running your business. By covering your legal defense costs and damages you’re required to pay, E&O coverage for insurance professionals can help minimize the disruptions and out-of-pocket costs that come with such claims, while supporting you through every step of the process.
Having the right E&O coverage can give you the peace of mind and confidence you need to focus on growing your business.
The cost of your E&O insurance policy will depend on:
Because Berxi offers insurance directly to our customers, we’ve eliminated many of the fees typical in E&O insurance purchases. That means you’re able to save an average of 15% vs. industry standards.
Of course, the quickest and easiest way to see how much E&O insurance will cost is to compare quotes. Get a quick online insurance quote from Berxi in minutes.
While E&O insurance can help protect you from lawsuits and other risks related to the professional services you provide, it won’t protect you from other risks, such as someone suffering an injury in your office, lawsuits related to a cyber attack on your business, or damage to your property. Other types of insurance you may want (or need) include:
At Berxi, we’re making it easier and more affordable to get high-quality, comprehensive E&O insurance that’s customized to the needs of insurance professionals. In fact, you can save up to 15% with Berxi. And as part of Berkshire Hathaway Specialty Insurance Company, which has a financial strength rating of A++ (Superior), we have the resources and expertise to make sure you’re protected for the long term.
E&O insurance from Berxi is built to be different. We simply the insurance process by offering top-rated coverage directly to you, all in a few clicks. We make insurance easier – easier to understand, easier to buy, and easier to afford. And we’re part of Berkshire Hathaway Specialty Insurance Company, so our financial stability and expertise are unmatched.
Berxi is a direct-to-customer insurer. This means we’re not just the people who sell you an insurance policy – we’re also the people who handle your claim. Working directly with us eliminates many fees that are typical in insurance transactions, and we pass the savings along to you. In fact, our customers save an average of 15%.
At Berxi, you can manage every aspect of your coverage through our easy-to-use online portal. Not only can you get a quick quote and purchase your policy in just a few clicks, but once you’ve purchased a policy, you can also access documents, update your account information, and manage your payment options online. And if you ever need to file a claim, you can do that online too.
When you call our support line, you won’t have to navigate through an endless phone tree or argue with a robot: You’ll reach one of our in-house product specialists who will work hard to answer all your questions. And if a claim is ever filed against you, our team will help you to navigate the claims process, every step of the way.
Berxi’s E&O policies are backed by Berkshire Hathaway Specialty Insurance Company, which has an A++ (Superior) financial strength rating. Our market-leading stability and claims service means we’ll have your back when you need us.
“Berxi was recommended to me by a friend at another company, and now it seems that everyone where I work has them too! The quoting process was easy… and the price is better than anywhere I’ve found.”
– Jeremy B.
“Completely stress-free setup and customized to my needs. So easy I didn’t even need to talk to anyone!”
– Che H.
“[My claims representative] was so compassionate. He listened and kept me informed on the status of the case. He really cared about what I was going through and reassured me that Berxi was on my side and that I didn’t need to worry.”
– Kim P.
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