Errors and Omissions (E&O) Insurance for South Carolina Consultants
Errors and Omissions insurance for a South Carolina consultant typically costs $600 to $2,500 per year for $1 million per claim and $1 million aggregate limits, covering professional mistakes, missed deadlines, faulty advice, and breach-of-contract claims, per Insurance Information Institute industry data. Most Greenville-area consulting contracts now require E&O coverage as a condition of engagement.
What does errors and omissions insurance cover for SC consultants?
Errors and Omissions insurance covers claims that the consultant made a professional mistake, gave bad advice, missed a deadline, breached a service contract, or failed to perform as promised. Coverage includes defense costs (often the biggest expense) and any settlement or judgment up to policy limits. E&O does not cover intentional acts, fraud, criminal acts, or bodily injury and property damage (those are general liability).
How much does E&O insurance cost for a Greenville consultant?
A typical Greenville, SC consultant with under $500,000 in annual revenue pays $600 to $1,500 per year for $1 million in E&O coverage. Higher-revenue consultants ($1 to $5 million) pay $1,500 to $4,000. Specialty consultants in IT, financial advice, healthcare, or legal services typically pay 50 to 100 percent more due to higher claim severity. Bundling E&O with general liability often saves 10 to 15 percent.
Do SC consultants need both general liability and E&O?
Yes. General liability covers third-party bodily injury and property damage (a client tripping at the consultant's office, accidentally damaging a client's laptop). Errors and Omissions covers professional mistakes (incorrect tax advice, missed regulatory deadline, faulty engineering calculation). The two coverages do not overlap and most SC consulting contracts now require both, typically at $1 million per occurrence and aggregate.
Is professional liability the same as E&O insurance?
Yes. Professional Liability and Errors and Omissions (E&O) describe the same coverage in South Carolina, though some industries use different terms (Malpractice for medical and legal, Architects and Engineers for design professionals, Lawyers Professional Liability for attorneys). The coverage structure is the same: defends professional service mistakes and pays judgments or settlements. Carriers typically rate by industry-specific exposure.
What does an SC consultant E&O claim look like?
A typical SC consultant E&O claim involves a client alleging the consultant gave bad advice that caused financial loss, missed a project deadline that cost the client revenue, or failed to deliver promised work product. Defense costs alone average $25,000 to $75,000 even if the claim is unfounded. E&O pays defense and any settlement or judgment. Most claims settle within 12 to 24 months.
About The Morgano Agency
The Morgano Agency Inc is an independent insurance agency in Greenville, South Carolina, founded in 1998 by Vic Morgano. The agency compares rates from multiple carriers including Travelers, Liberty Mutual, Progressive, Hartford, Safeco, and Hagerty for families and businesses across Greenville County and the Upstate. Visit our E&O insurance page or call (864) 609-5285 for a quote. Find the agency on Google Maps.