How Much I Really Pay Each Month for E&O Insurance

Man, so let me tell you somethin’—back when I first heard about E&O insurance, I honestly thought it was just another sneaky way to drain my bank account. You know, some boring business-y thing insurance agents throw at you with their buzzwords. Turns out, it’s actually kinda vital if you do any sort of advising, service stuff, or really anything where people trust your brain.

Okay, so, what is it anyway? “Errors and Omissions” insurance (it sounds dramatic, don’t it?) is basically there to have your back if a client says you screwed up. Even if you didn’t screw up. Even if you’re perfect. Which I ain’t. Nobody is.

Like, you can be sued even if you did everything “right” — yeah, that’s the part that got me. One tiny mistake (or alleged mistake), and boom! Suddenly, you’re lawyering up.

Now, to the real question: how much is this stuff monthly?
Short version? I been paying somewhere between thirty to a hundred bucks a month depending on what the setup is.

But it ain’t that simple (nothing ever is, right?). There’s a bunch of things that shake up the cost.

For starters — the industry you’re in. Some professions? Way riskier than others. I’m in digital marketing, so my rate’s kinda mild. But if you’re like a financial planner or in real estate? Yeah, your price gonna creep up. My friend’s a consultant, she’s shelling out close to $90 monthly. And I ain’t kidding.

Revenue matters, too. I learned the hard way when I updated my income on the renewal form — boom, higher premium. Because apparently, makin’ more money means you’re more “exposed.” Whatever that means, insurance math is its own universe.

One of those times I played it safe and asked for a bigger policy limit. Like, “Gimme a million dollars in coverage!” Guess what? Cost shot up from $39/month to $77. Should’ve seen it coming, but I thought maybe they’d cut me some deal. Spoiler: they did not.

And don’t even get me started on deductibles. The higher it is, the cheaper you’ll pay per month. Which sounds good until you realize, if something actually happens, you’re coughing up way more. I once went with a $2,000 deductible just to save $12/month. Regret? Slightly.

Oh — you ever filed a claim? I haven’t. Thank the stars. But they ask, you know? On every single quote form. “Have you had prior claims?” Nah. But if you do? Brace yourself. Premiums will inflate like your uncle’s air mattress that never fits back in the box.

Location’s a thing, too. I didn’t believe it. Like, how could where I live change anything? But apparently living in California where everyone sues everyone means… higher costs. Moved to Nevada for a bit — prices dipped. Go figure.

Lemme drop a few examples on you real quick, just from my own notebook:

It changes like gas prices though, so check often.

Oh and yes — you can pay monthly. I used to pay annually, but after a tight couple months last year, I switched to monthly. There’s sometimes a service fee (like $3/month extra), but worth it for the breathing room.

Now, don’t go buying from the first place you see. You gotta shop around. I tried Hiscox, Next, and then settled with some smaller broker I found on Reddit. Legit saved me like 20%. No lie.

Do I think it’s worth it? Listen — I once got an email from a client threatening to “pursue legal action” ‘cause they thought I broke their website. I didn’t. But still, my heart? Dropped to my feet. With E&O? I could sleep that night. It’s peace, basically, that you’re buying.

To wrap this messy thought spiral into something solid: I pay around $40/month right now, and I’m okay with that. You might pay less, might pay more — but don’t be that person thinking it’s not necessary. It only takes one pissed-off client with a lawyer cousin, and you’re toast.

Anyway, if you’re serious about protecting your name, your biz, and your bank account, don’t skip it.