Durney Insurance Inc.

Errors and Omissions Insurance in Washington

Errors and Omissions Insurance in Washington, Arizona, California, Idaho, and Oregon.

Durney Insurance Inc. is an independent insurance agency located in Washington. We provide high-quality errors and omissions insurance coverage to our communities in Washington and to residents in Arizona, California, Idaho, and Oregon.

Errors and Omissions Insurance Washington

Learn more about Errors and Omissions Insurance in Washington

What is errors and omissions insurance?

Every professional is human, and prone to the occasional mistake. While some errors may be easily remedied, egregious ones that cause major harm could result in lawsuits. Errors and omissions insurance may help protect professionals working in Washington if they make a more egregious error.

Errors and omissions insurance provides specialized protections for professionals who give advice. Policies may cover lawyer costs, court costs and any settlement if there’s a major error.

Who in Washington should is E&O insurance for?

E&O insurance is something that any professional in Washington who primarily gives advice should consider. Not having this insurance can result in major costs if a professional offers wrong advice.

While policies are frequently designed for professionals working in certain fields, there are policies available for a wide variety of work. Some professionals who might get this type of professional liability coverage include:

Legal: Lawyers, paralegals, mediators, etc.
Financial: Advisors, asset managers, financial counselors, etc.
Tax: Certified public accountants, tax preparers, etc.
Real Estate: Agents, brokers, home inspectors, etc.
Consulting: College admissions consultants, management consultants, etc.
Fiduciaries: Trustees, conservators, guardians, etc.

Some trade professionals might also want this coverage. Although it’s not right for every plumber, electrician and other tradesperson, it may be useful for those who often give advice on major projects.

What situations would an E&O policy protect against?

Depending on its particular terms, and E&O policy might offer protection in a variety of situations. Some potential examples are:

Investment manager entering a “buy” order rather than a “sell.”
Real estate agent neglecting to inform a buyer of zoning restrictions on a property.
Home inspector missing a major issue with the foundation or roof of a property.
Paralegal making a clerical error that negatively impacts a case.
CPA mistyps a decimal so that interest and penalties are later assessed.
Media consultant not accurately checking an ad’s regulatory compliance.

An insurance agent who specializes in E&O can review what sorts of scenarios a particular policy would likely offer protection for.

Is E&O insurance available for medical professionals?

Professional liability insurance certainly is available (and often required) for medical professionals.

The coverage used is normally medical malpractice, rather than E&O insurance, however. Medical malpractice is designed to protect against the many risks that come with practicing medicine. These usually go beyond what the typical E&O policy can protect against.

What are “claims made” E&O policies?

Many E&O policies are underwritten as “claims made.”

With regard to the timing of when a covered claim can occur, these policies generally look at when the claim was filed. This is opposite of primarily looking at when an error occurred. So long as a claim is filed within the policy’s coverage period, and the error didn’t occur before a retroactive date, the claim would likely be covered.

Claims made policies can provide robust protection, and they’re particularly useful if the exact timing of an error is difficult to determine.

What’s a “retroactive date” in an E&O policy?

A “retroactive date” is generally the earliest date that an error could have occurred and still be covered. Errors made before this date are unlikely to be covered, even with a claims made policy.

How are the costs for E&O coverage determined?

E&O insurance premiums are influenced by various factors, including the professional’s industry, experience, certifications, and any history of claims. To determine specific costs, professionals should consult with an independent insurance agent.

Where can professionals working in Washington find errors and omissions insurance?

For help finding errors and omissions insurance that’s well-suited for your line of work, contact the independent insurance agents at Durney Insurance. Our Washington agents can assist with many types of E&O policies, and will make sure you find the protections you require.