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E&O insurance

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First thing you need to know is what minimum levels of insurance your Licensing board requires. Then you need to think long and hard about how much risk you'r willing to accept and how much coverage you need to feel comfortable. After that you can shop, but don't be sold on more than your acceptable level unless it's a no brainer.

NY doesn't require E&O so I don't have it. GL is cheap. NY requires $500,000, but I got $2 million for an extra $30 a year (the no-brainer part). $100,000 is peanuts.

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Hi, I was wondering what the usual amount of coverage is for Omissions and Errors, is it $100,000 or $l,000,000 or in between. And should I carry general liability insurance also. I appreciate any info -thanks

If you're going to get E&O and general liability, you generally want to get as much as you can afford. The difference among E&O premiums for $250K, $500K, & $1M are so small that it makes the most sense to get the greater coverage. You want to be covered for the greatest amount that someone might want to sue you for, not the actual amount of a rightous mistake on your part. The difference between the two can be quite astonishing.

As for general liability, you want to get an amount that's equal to the most expensive thing you're likely to break. Think dropping a garage door opener on a Ferrari.

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