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Protect Your Colorado Business With Errors and Omissions (E&O) Insurance
Errors and omissions insurance in Colorado helps protect your business from lawsuits that claim there was a mistake in the professional services given. This type of Colorado business insurance is important for companies that provide professional advice or services, like:
- Real estate professionals
- Consultants
- Tax professionals
- Accountants
Colorado may require certain businesses to carry errors or omissions insurance, which is also known as professional liability insurance.
What Does Errors and Omissions Insurance in Colorado Cover?
Errors and omissions insurance in Colorado can help cover claims of:
- Negligence
- Misrepresentation
- Inaccurate advice
It can also help cover claims that your Colorado business failed to protect personally identifiable information.
Errors and omissions coverage can help business owners in the Rocky Mountain state if:
- A real estate agent in Denver, CO doesn’t disclose a roof issue to their client before purchasing a home.
- A tax preparer makes a mistake in filing a tax return, which results in fines for their customer.
- A consultant in Aspen, CO creates a plan to help their client grow their business, but they end up losing sales.
Who Needs Errors and Omissions Insurance in Colorado?
Even if your business isn’t required to have errors and omissions insurance in Colorado, it can still be a good idea to have – especially if you provide a professional service. Other businesses that can benefit from professional liability insurance include:
Is E&O Insurance Required in Colorado?
Certain businesses are required to carry errors and omissions insurance in Colorado. For example, real estate businesses and professionals need to carry at least $100,000 in liability coverage and a minimum annual aggregate limit of $300,000.1
It’s a good idea to make sure you understand your state’s laws so you know that your small business is complying with any requirements.
No matter what kind of coverage you need, our specialists can help. They’ll work with you to make sure you have the right business insurance for your company, like:
- Colorado business insurance
- Business insurance in Denver, CO
- Colorado workers’ compensation insurance
How Much Does an Errors and Omissions Policy Cost in Colorado?
An errors and omissions policy cost can vary in Colorado. That’s because small businesses are different and each one faces unique risks. Insurance companies can use different factors to determine your errors and omissions insurance cost, like your:
- Business’ experience
- Coverage limits
- Deductible amount
- Claims history
- Policy details, like choosing a longer extended reporting period
The best way to find out how much errors and omissions insurance in Colorado will cost your business is to get a quote.
Get a Quote for Professional Liability Insurance in Colorado Today
We’re an experienced insurance company that has helped over 1 million small business owners. We know every business is unique. Whether you have coverage questions or need help with a claim, we’ve got your back. Get a quote today.
Last Updated: September 17, 2024
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