Well, you can't buy it a month at a time, you have to buy it a year at a time.
And it's going to depend on what the E&O is for. Technically, medical malpractice is a version of E&O. There's lawyer's professional, which is E&O, Architect's professional E&O, and even insurance agent's E&O. Not to mention about 40 other kinds, which I'm not going to bother to mention here.
If you're looking for Vet's E&O, that's the cheapest, at around $250 a year, or Beautician's coverage, but if you're looking for medical, consulting, or something else, count on it being at least $2500 a year, maybe higher.
You're going to have to fill out applications with a local agent, and have them shop it out for you.
It all depends on the business type and your business plan. There is a detailed application that you will need to get from your Insurance Broker. The application will explore your business exposures and help match your exposures to a specialized product.
As for cost, it varies a fair bit (see above), but you should prepare for $ 200 - $ 400 per month.
Also, as a suggestion...a $ 300,000 limit is quite low and a little unusual. You can probably get a $ 500,000 limit for nearly the same prices (you are likely in the minimum premium range anyway). Maybe consider a $ 1,000,000 limit to match your General Liability limit. Have your General Liability policy with the same insurer as your E & O insurer.
I think you can find E&O cheaper than that. I pay $80 a month for $1M in coverage. I would certainly check with a broker that specializes in business insurance, rather than going to a State Farm or other neighborhood type property and casualty agent.
Anywhere from $500 to $2000 depending on the company. the process takes about 30 days to complete from application, to quote to declaration page . The declaration page will be needed to fulfill you contractual agreement.
Comments
Well, you can't buy it a month at a time, you have to buy it a year at a time.
And it's going to depend on what the E&O is for. Technically, medical malpractice is a version of E&O. There's lawyer's professional, which is E&O, Architect's professional E&O, and even insurance agent's E&O. Not to mention about 40 other kinds, which I'm not going to bother to mention here.
If you're looking for Vet's E&O, that's the cheapest, at around $250 a year, or Beautician's coverage, but if you're looking for medical, consulting, or something else, count on it being at least $2500 a year, maybe higher.
You're going to have to fill out applications with a local agent, and have them shop it out for you.
It all depends on the business type and your business plan. There is a detailed application that you will need to get from your Insurance Broker. The application will explore your business exposures and help match your exposures to a specialized product.
As for cost, it varies a fair bit (see above), but you should prepare for $ 200 - $ 400 per month.
Also, as a suggestion...a $ 300,000 limit is quite low and a little unusual. You can probably get a $ 500,000 limit for nearly the same prices (you are likely in the minimum premium range anyway). Maybe consider a $ 1,000,000 limit to match your General Liability limit. Have your General Liability policy with the same insurer as your E & O insurer.
Good Luck. If you need more info, let me know.
I think you can find E&O cheaper than that. I pay $80 a month for $1M in coverage. I would certainly check with a broker that specializes in business insurance, rather than going to a State Farm or other neighborhood type property and casualty agent.
Anywhere from $500 to $2000 depending on the company. the process takes about 30 days to complete from application, to quote to declaration page . The declaration page will be needed to fulfill you contractual agreement.
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