Errors and Omissions Insurance in Massachusetts

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What is errors and omissions insurance?

Providing specialized advice generally calls for specialized insurance. Errors and omissions insurance is a specialized coverage that can help many Massachusetts professionals.

Even the most knowledgeable professionals can make mistakes, which is why there’s errors and omissions insurance. E&O may help when a mistake causes a customer significant loss or harm.

What Massachusetts professionals are E&O insurance policies right for?

E&O insurance policies can help a diverse array of Massachusetts professionals. Almost any professional who primarily gives advice may benefit from a policy’s protections. For example, the following are some examples of who might get this type of policy:

  • Lawyers, mediators, and paralegals
  • Financial advisors, asset managers, and wealth managers
  • Certified public accountants, and tax preparers
  • Real estate agents, real estate brokers, and home inspectors
  • IT consultants, college admissions consultants, and other consultants
  • Guardians and conservators

In some cases, contractors might also get E&O insurance for when they advise customers on how to complete projects.

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Do medical professionals need to have E&O insurance?

E&O insurance generally doesn’t meet the needs of medical providers. Instead, providers usually need more specialized medical malpractice insurance.

What situations would an E&O policy cover?

What a specific E&O policy would cover is determined by that policy’s protections and terms. The following are some examples of what might fall within a policy’s protections:

  • Financial advisor clicks “buy” instead of “sell” when executing an order
  • Real estate agent doesn’t note that a property is restricted as a historical landmark
  • Home inspector misses that a house’s roof is leaking or foundation is deteriorated
  • Paralegal forgets to send a document pertaining to a client’s case by the required deadline
  • CPA mistypes a decimal point, resulting in underpaid taxes that lead to fees and interest
  • Media consultant neglects to check an advertisements regulatory compliance

What are “claims made” E&O policies?

A “claims made” E&O policy normally bases coverage on when a claim is filed by the policyholder. A claims made policy usually covers valid claims that are made when the policy is in effect, rather than when the error occurred.

What are “occurrence” E&O policies?

“Occurrence” E&O policies normally base coverage on when an error occurred, rather than when a claim is filed. These policies usually only cover errors that actually occur while the policy is in effect.

Claims made policies typically provide more extensive protection than occurrence policies do.

Errors and Omissions Insurance Massachusetts

What’s a “retroactive date?”

A “retroactive date” is generally the earliest date an error could occur and still be covered. Mistakes made before this date are typically not covered, even under a claims made policy.

What’s “tail coverage?”

“Tail coverage” usually extends the period for filing a claim beyond an E&O policy’s end date. The duration depends on the specifics of a policy.

This additional coverage is optional with some claims made policies, and less often with occurrence policies. 

How are E&O premiums determined?

E&O premiums are affected by factors like the professional’s industry, qualifications, experience, and claims history. Insurance companies look at these and other details, so premiums vary from situation to situation.

Professionals can work with an independent insurance agent to find out how much their E&O rates would be. An independent agent can check custom quotes from several insurers.

Errors and Omissions Insurance Massachusetts
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Where can professionals working in Massachusetts get errors and omissions insurance?

If you work in Massachusetts, contact us at Scotti Insurance Agency for help finding errors and omissions insurance. One of our independent agents will work with you to determine the best type of policy and coverage features, and then show you several options that meet your needs well. Together, we can make sure you’re well protected against potential mistakes.


For quotes or questions, reach out to the experts at Scotti Insurance Agency. We’ll be happy to assist you!

Scotti Insurance Agency

Scotti Insurance Agency

19 Mount Vernon Street
Winchester, MA 01890