Give us a call
573.447.4990

Errors and Omissions Insurance

Errors and omissions refer to mistakes, negligence, or discrepancies in a business’s accounting records, which can possibly be interpreted as fraud and lead to legal action. Business owners and executives have several legal and financial responsibilities that accompany their roles, and if they fail to fulfill these responsibilities by inaccurately reporting income, errors and omissions insurance will reimburse a business for problems arising from these fiduciary oversights.

As a business owner, you know how important it is to live up to your promises. Consumer trust is a key part of earning repeat business, which in turn helps to create a stronger, healthier, and more profitable company.

Errors and omissions claims have been trending higher in recent years, with multiple‑million dollar lawsuits being filed more frequently than ever before. Accordingly, most businesses need to have appropriate coverage amounts to be sure they're protected if a large claim is filed.

What E&O Insurance Covers

Policies can vary, but most forms of errors and omissions insurance cover the following. Note that some industries don't need all of the coverage mentioned below, while others may need additional coverage because of the nature of their operations. Mid-America Specialty Markets agents will help you determine which coverages are best for you.

  • Claims and Damages: These are one of the major sources of potential loss that your company faces. E&O protection on claims can reimburse you for any payouts you may have to make as a result of such claims being filed.
  • Defense Costs: Whether or not you win a case, your attorney is going to expect payment. E&O insurance can reimburse you for their fees, allowing you to hire professional support without worrying that it will be too expensive for you to afford.
  • Employees, Temporary Staff, and Independent Contractors: You may be liable for the actions that anyone associated with your business takes—whether or not they're an employee. This part of the policy protects you if they make a mistake.
  • Negligence: Often considered one of the most important parts of E&O coverage, negligence coverage can reimburse you for problems like making a mistake while giving advice or failing to complete a job. Whatever the cause of the problem, ensuring you're covered will help protect your business if something goes wrong.

Errors and omissions policies payouts vary among companies depending on the possible severity of financial mishaps. If you're not sure how much of a cap your business should have in each category, call one of Mid-America Specialty Markets agents today and ask them for more information. You may need to increase your policy cap as your business grows, and we can help you decide when it's time to raise the limit.

 

1. Oxford Reference, s.v. “errors and omissions,” www.oxfordreference.com/view/10.1093/oi/authority.20110803095756997?rskey=tDNztO&result=1

2. "Why Consumer Trust Is the Key to Repeat Business." The Wise Marketer. January 2005. Accessed April 18, 2016. http://www.thewisemarketer.com/features/read.asp?id=54.

3. "Claims Trends." Insurance Journal News. November 03, 2014. Accessed April 18, 2016. http://www.insurancejournal.com/magazines/features/2014/11/03/345153.htm.

Our Locations

MASM / Columbia

2800 Forum Blvd, STE 4B
Columbia, MO 65203
Main office: 573-447-4990

*MASM / O'Fallon

1656 Bryan Rd
O'Fallon, MO 63368
Main office: 636-978-3696
Toll free: 888-978-3696

MASM / Springfield

330 W Plainview Rd, STE F
Springfield, MO 65810
Main office: 417-865-1558

MASM / Clever

6809 State Highway 14 W, Ste F
Clever, MO 65631
Main office: 417-743-2288
Toll free: 888-978-3696

MASM / Joplin

1401 E 7th St, Ste B
Joplin, MO 64801
Main office: 417-553-0692

MASM / Lamar

128 W 10th St
Lamar, MO 64759
Main office: 417-682-3131

MASM / Neosho

613 W Coler St
Neosho, MO 64850
Main office: 417-451-9177

MASM / Nixa

204 Village Center St. Suite 7
Nixa, MO 65714
Main office: 417-595-4430

MASM / Seneca

908 Washington Ave
Seneca, MO 64865
Main office: 417-776-5433

MASM / Shawnee, KS

6208 Richards Dr
Shawnee, KS 66216
Main office: 913-322-3388

Testimonials

I've been with Estal Insurance and Nationwide for over 10 years now, and I've had nothing but good experiences with them. Recently, my stepdaughter was in a serious motor vehicle accident, and both Nationwide and the Estal Agency have been very helpful throughout the process. I highly recommend their office.
kmh314 From St. Charles, MO
My family has been a customer of Estal Insurance for over 10 years. Renters and Auto Policies in our 20's. Home, Auto, and Life Policies in our 30's. The rates are always fair and the service is excellent! Matt is more than willing to offer suggestions on how to get the best value for our budget while making sure we are protected with the appropriate limits. Whenever we have had any claims over the years, they always go the extra mile to make sure we are taken care of. And they offer free towing AND roadside assistance! My family and I feel fortunate to work with the entire Estal team. They are practically like family to us! We would recommend them to anyone who is looking for insurance.
Anonymous From St. Louis, MO
Matt has taken care of my family's insurance needs for some time now. Home, auto and life insurance are not an area of stress in my life because I know I have everything covered! I would definitely recommend this agency!! Extremely thorough and dependable!
JenS40 From O'Fallon, MO
Estal insurance can assist fully with all business insurance needs. They are always accommodating to our growing business insurance needs and they are very responsive
Estipes From Saint Charles, MO