Errors and Omissions Insurance in Illinois

Learn more about our errors and omissions coverages and get a quote from one of our knowledgeable independent agents. Providing coverage to residents across Illinois, Arizona, Florida, Indiana, Louisiana, Michigan, Montana, Nevada, New Hampshire, Ohio, Tennessee, Texas, Washington, and Wisconsin.

What is errors and omissions insurance?

Giving advice almost always comes with risk, as the advice could be wrong. That risk is amplified when professionals are giving advice to clients who pay, which is why there’s errors and omissions insurance. This insurance may protect Illinois professionals in a variety of situations where they’re accidentally wrong.

Errors and Omissions insurance is professional liability insurance for those who give advice. Policies normally protect professionals from legal costs and settlements if there’s a covered mistake.

Who in Illinois should have E&O Insurance?

E&O insurance is strongly recommended to most Illinois professionals who advise clients. Not insuring can lead to expensive consequences if a mistake is made.

Of course, professionals in many different fields offer advice. These policies might be purchased by:

• Legal Professionals: Lawyers, mediators, paralegals, etc.
• Financial Experts: Financial advisors, financial counselors, asset managers, etc.
• Tax Specialists: CPAs, tax preparers, etc.
• Real Estate Professionals: Agents, brokers, home inspectors, etc.
• Consultants: Management consultants, college admissions consultants, etc.
• Fiduciaries: Trustees, conservators, guardians, etc.

Trade professionals, like plumbers and electricians, might consider getting E&O coverage if they regularly consult on large projects.

What situations are covered by an E&O policy?

Each policy’s terms determine what specific situations that policy covers. Depending on terms, E&O can apply in a variety of scenarios:

• Investment manager makes an incorrect trading order.
• Real estate agent fails to disclose that a property is a historical landmark.
• Home inspector overlooks a structural issue with the foundation.
• Paralegal makes a clerical error that compromises a case.
• Tax preparer enters a decimal in the wrong place.
• Media consultant approves an ad that’s against regulatory requirements.

A specialized E&O insurance agent can provide detailed explanations of what a particular policy would likely cover.

Is E&O insurance suitable for medical professionals?

Medical professionals typically require medical malpractice insurance, which is different from E&O. Medical malpractice coverage is specifically tailored to address the unique risks associated with practicing medicine, which are often more complex than those covered under standard E&O policies.

What’s a “claims made” E&O policy?

“Claims made” E&O policies generally provide coverage based on when a claim is filed, rather than when the alleged error or omission occurred. These policies usually cover claims so long as they’re filed within the policy period. Claims are still subject to a retroactive date, but that can be before the policy goes into effect.

Many E&O policies are underwritten as claims made policies. This extends coverage, and makes assessing a claim easier when the date that bad advice was given is unclear.

What’s an “occurrence” E&O policy?

“Occurrence” E&O policies differ in how they assess whether a claim is valid. These policies generally base eligibility on when an error occurred, as opposed to when a claim was filed.

What’s a “retroactive date?”

In E&O policies, a “retroactive date” generally marks the earliest date an error can occur for it to be covered under the policy. Any errors made before this date are typically not covered, even if the claim is filed against a claims made policy.

What’s “tail coverage?”

“Tail coverage” normally extends the period during which a claim can be filed. This may allow for claims to be filed even after a policy’s effective period ends.

A specialized E&O insurance agent can help professionals sor through all of these, and many other, details when setting up an E&O policy.

How much do professionals pay for their E&O policies?

Rates for E&O coverage vary substantially, as a professional’s field, experience level, qualifications, and claim history can all impact cost. So too can many other factors. 

To find out how much their insurance will cost, professionals can check quotes with an independent agent.

Where can professionals in Illinois find errors and omissions insurance?

If you need help finding errors and omissions insurance in Illinois, contact the independent insurance agents at Gee-Schussler Insurance. We’ll help you find the right policy for the work you do.