Small Business Insurance quotes

Rates flattening for errors and omissions insurance

Call us at (888) 540-7374

We work with the nation's best insurance providers

Observers believe the errors and omissions insurance market appears to be flattening due to decreasing competition, reported Business Insurance.

Gene Mason, an expert in the insurance industry, told the website that with rates flattening across the board, insurance companies have been able to retain prices on most of their renewals, and increase rates for new customers that the company may take on.

“It seems we’re starting to see some logic come back into the market, whereas in the last two, three years there’s been no logic whatsoever,” Mike Smith, the principal of a New Jersey-based insurance agency, told the website.

Rate flattening appears to be a trend across the board, but certain industries are more likely affected. Lawyers purchasing errors and omissions insurance should hope for a flat rate when purchasing their policy because rate decreases are a thing of the past, Jim Donovan, a professional liability insurance expert, told the website.

Given that rates appear to have bottomed out and may be ascending, now could be a good time for businesses to investigate adding to their coverage. Making sure that business property is covered is a concern of all companies, a Wisconsin-based insurance provider recently reminded business owners. Errors and omissions insurance, as well as excess liability insurance and commercial vehicle insurance, may be necessary, depending on the nature of the company.

 

General Liability Insurance

What Is General Liability Insurance? Commercial General Liability Insurance protects small-business owners from claims of injury, property damage, and negligence related to their business activities.

Workers’ Compensation

What Is Workers’ Compensation Insurance? Workers’ compensation insurance covers your employees’ medical expenses and at least some portion of their lost wages if they are injured on the job.

Business Owners Policy

What Is a Business Owners Policy? A BOP is simply bundled insurance designed to provide essential coverage to certain business owners at a competitive price. A BOP insurance coverage includes

Professional Liability Insurance

Professional liability insurance also called , errors and omissions insurance (E&O; insurance), protects you if a client claims that your services caused them to suffer a financial loss. While general liability insurance is primarily focused on property damage or bodily injury,

Disability Benefits Insurance

Employers in New York State are obligated to offer disability benefits insurance to their employees. This coverage is specifically designed to provide financial assistance in the event of off-the-job injuries or illnesses.



Business Umbrella Insurance

Without Business Umbrella Insurance (also sometimes called Umbrella Liability Insurance or Excess Liability Insurance ), you would have to pay the uncovered expenses out-of-pocket. Even if you carry General Liability Insurance for your business, without business umbrellainsurance you might face a repair, settlement, or judgment in excess of your coverage limit.

Get Free Business Insurance Quotes

We’re ready to answer all of your questions about our services and your insurance needs. Give free quotes.
Scroll to Top