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Errors and Omissions Insurance, usually called E&O Insurance, is a type of professional liability insurance that will help protect you from lawsuits claiming negligence or faulty work on your part. In these situations, E&O Insurance helps pay your court costs and any settlements. Any professional service, such as attorneys, doctors, wedding planners, and photographers should carry an E&O policy.
In most cases, yes. Photographers should have E&O insurance. If you sign contracts with your clients, be it for weddings, commercial shoots, event photography, etc., an E&O policy is highly recommended. Even if you don't sign a contract, but there is an expectation of quality performance, product (such as photographs), advice, or good faith on your part, you should have E&O insurance.
E&O insurance specifically covers claims of mistakes made on your part. Coverage includes:
A photographers general liability policy will typically cover:
Businesses that provide a service for a fee should have E&O insurance. This includes photographers. If someone sues your photography business for a mistake, E&O insurance helps pay the related expenses.
These can include:
While E&O insurance does cover some mistakes made while running a business, it does not cover everything. Specifically it does not cover intentional errors, illegal activity or wrongdoing.
E&O Does not cover:
Additionally it does not cover claims that are covered under other business policies, such as bodily injury and property damage caused to third-parties (covered under a General Liability Policy, claims stemming from an employee injury (covered under workers compensation insurance). For a complete understanding of what your E&O policy will cover, talk to your agent or broker.
Errors and Omissions Insurance specifically covers claims related to mistakes related to contracts, be them written or verbal. This can sometimes be in the tacit understanding of what a professional photographer is expected to deliver and how they are expected to perform.
As is with the case in all insurance, your premium will differ depending on several factors. These can include:
Generally speaking, you can expect to pay between $500 and $1000 per employee per year.
There are some steps you can take that will help lower your E&O Insurance premium. Have an attorney review your contracts on an annual basis. Implementing an employee training program that teaches them how to lower risk will also help. Talk to your agent or broker to find out more.
In effect, they are the same. Errors and Omissions Insurance is a type of Professional Liability Insurance (PLI). Different industries will have different names for Professional Liability Insurance, for example the medical field calls PLI malpractice insurance. Each policy is tailored to the specific industry in which you operate.
Complete the form at the top of the page and we will have a qualified photographer's insurance representative contact you. This representative will ask you a few questions about your business and can then send you to the best qualified broker or agent to assist you.