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Real-World Examples and Pricing
For a small IT consultancy firm, E&O insurance premiums might range from $500 to $1,000 annually, depending on the coverage limits and deductible chosen. In contrast, a larger financial services firm could see premiums ranging from $2,000 to $5,000 per year1.
According to a recent survey, about 30% of small businesses have faced legal action at some point, highlighting the importance of having robust E&O coverage2. This insurance not only covers legal expenses but can also mitigate the financial impact of settlements, which can average around $50,000 for small claims3.