E&O insurance is for any business that provides a service. This not only includes doctors, lawyers, accountants, architects and engineers, but hundreds of other contract businesses like software developers, consultants, real estate agents, etc.

Any business that uses a computer should have Cyber Insurance. It used to be more for businesses that held Personally Identifiable Information (PII) including credit cards, checks, social security numbers, bank information, drivers licenses, medical information covered under HIPAA, or confidential corporate information. The insurance covers the 1^st party costs of IT forensics, notifying customers affected, credit monitoring costs, PR costs as well as 3^rd party costs or the costs to defend and settle claims related to a breach of PII. Policies also cover ransomware events, the resulting business interruption, the cost to rebuild your network, as well as potentially paying the ransom. With a huge increase in ransomware as well as social engineering/financial fraud/crime claims, this coverage is important for all businesses, especially small businesses.

You should purchase E&O insurance before taking on the risk. It should be part of your cost of doing business and is often required in a contract or can be viewed as a selling point to attract new customers.

ProWriters’ underwriters have averaged 15 years serving the E&O marketplace. We have underwriting authority for several insurance companies as well as brokerage arrangements with several others in the event that we are unable to underwrite the risk ourselves.