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5 Best E&O Insurance in Florida for 2023

As someone who provides a professional service, you must have the right insurance coverage to protect your business from potential lawsuits. Errors and omissions insurance coverage is valuable coverage that protects professionals from the fallout of costly mistakes. 

The 5 best E&O insurance companies in Florida

We researched errors and omissions insurance companies; the following five companies were our picks for the best ones in Florida. We decided to get a quote from each one for a small accounting firm based in Jacksonville, Florida.

  • Simply Business: Best for comparing several quotes online
  • CoverWallet: Best for comparing quotes and a great complete digital experience from quoting, buying, to managing the policy
  • Hiscox: Best coverage from an experienced specialist providing E&O insurance for all types of small businesses
  • Thimble: Best for short-term coverage
  • NEXT: Best for its affordable coverage

Simply Business: Best for comparing several quotes online

Simply Business is an insurance broker that connects small businesses with the business they need using partner companies. Simply Business does the legwork to provide you with several quotes to choose from and sell you a policy, and a third-party insurer handles the underwriting, claims, and customer service portions of the transaction. 

Simply Business is owned by Travelers Insurance, the second-largest business insurance writer in the US. As expected, the E&O insurance quotes Simply Business provided to us for an accountant based in Jacksonville, Florida include one from Travelers. However, Simply Business seems to maintain their brokerage’s objectivity, placing Hiscox’s cheaper quote above their parent company’s quote.

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  • Quotes from multiple carriers at once, making it easy to compare and select the cheapest one
  • Extensive resource library to help you understand the different business coverages


  • Business insurance policies are through a third party
  • No claims can be filed through Simply Business

CoverWallet: Best for comparing quotes and a great complete digital experience from quoting, buying, to managing the policy

Similar to Simply Business, CoverWallet is a digital insurance broker. As a broker, it collects your information and uses it to collect quotes from several companies at once. The quotes come from companies that CoverWallet partners with. Typically, CoverWallet returns three or more quotes for you to compare. 

Sometimes you have to call to get your actual quote or give them permission to contact you. When they do return a quote, it can be time-saving. 

For the same accountant based in Jacksonville, Florida, CoverWallet provides us with just one quote from Chubb.

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  • Use an online application to get quotes from several providers at once
  • Wide variety of coverages are available
  • Manage everything related to your policy through an online dashboard


  • Coverage will be through a third party
  • Might have to call to get your quote

Hiscox: Best from an experienced specialist, E&O insurance for all types of small businesses

Hiscox provided a fast quote. They offer insurance for more than 180  professions, so chances are good that your industry will be covered. They specialize in coverage for professional services businesses and provide a range of liability coverages. However, they refer you to partner companies for coverages like commercial auto or workers’ compensation. 

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  • Can obtain quotes and purchase policies online
  • 14-day money-back refund policy
  • Discounts available for bundling policies
  • Professional liability policies cover work done anywhere worldwide


  • Might not offer all the coverages you need
  • Not available in Alaska
  • Some policies only available to companies with fewer than ten employees

Thimble: Best for short-term coverage

Thimble sells coverage based on how long you need it. You can purchase insurance by the month, day, or even by the hour. Thimble doesn’t underwrite its own policies. Thimble is a good choice for those who use contractors routinely.

Any claims must be filed with a different company than Thimble—whichever company actually underwrites your policy. You can only contact customer support online. Thimble is a 100% online company. 

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  • Get a quote and purchase a policy online in minutes
  • Easily verify that contractors are compliant with insurance requirements
  • Coverage is available based on how long you need it—monthly, daily, or hourly


  • Claims must be filed with the company that underwrites the policy
  • Customer support can only be accessed online

NEXT: Best for its affordable E&O coverage

Next is an online insurance company that allows you to purchase a policy individually or in packages tailor-made to your industry. Access or share certificates of insurance digitally. Policies from Next are a good fit for those who need quick coverage and want to manage their accounts online. 

This is a startup company that was founded in 2016. The company handles its own claims. It’s also independently rated by AM Best. However, with all the good news about Next, you may not be able to find all kinds of coverage you may need. Next only provides general liability, professional liability, and workers comp insurance at the time being.

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  • Easy online application only takes minutes to complete
  • Get up to 10% discount for bundling policies
  • Generally more affordable
  • Access and share your certificate of insurance free


  • If you prefer a paper trail, you will be out of luck
  • Some specialized insurances aren’t available

What is errors and omissions insurance? 

Errors and omissions insurance, or E&O insurance, is also called professional liability insurance or malpractice insurance. This kind of insurance is designed to protect you if you are sued if a mistake you made or something you left out caused financial issues for a client. E&O insurance covers legal fees, court costs, and settlements that arise from the lawsuit. 

Who needs errors and omissions insurance? 

In general, if you are in business of providing advice and/or services to your clients, it is very likely you’ll need errors and omissions (E&O) insurance, or also called professional liability insurance. Professionals such as engineers, architects, IT consultants, business consultants, and other financial service professionals all need E&O insurance to protect themselves from their mistakes or omissions at work.

Any professional working in a financial industry should have errors and omissions coverage. Examples of financial industries include insurance, accounting, real estate, and investment companies. Mistakes made by these companies can be expensive. Many regulatory bodies require professionals in these professions to have E&O insurance either on their own or through their employer. 

What does errors and omissions insurance cover? 

Depending on the industry, errors and omissions insurance can cover different things. For example, E&O insurance for construction will cover other issues than insurance for an accountant. That’s why getting professional quotes is essential rather than trying to figure it out yourself. Typically E&O insurance covers the following: 

  • Negligence: one party involved didn’t use an appropriate level of care
  • Errors and omissions: mistakes made by the professional that cost the client money
  • Inaccurate advice: advice resulting in some kind of loss as a direct result
  • Misrepresentation: a false or misleading claim that is typically made during negotiations of a contract or other agreement

How much does errors and omissions insurance cost in Florida? 

The average cost of an E&O insurance policy for small businesses in Florida is $82 per month, or $984 per year. This is for a policy with maximum $1,000,000 liability coverage.

E&O insurance varies significantly among different professionals. Learn more at E&O insurance costs by different professions.

Also keep in mind that these are just the averages. Your own rates will be lower or higher. Be sure to shop around with a few companies or work with a broker like Simply Business, CoverWallet, or to compare several quotes in one place to find the cheapest rate for you.

Factors impacting E&O insurance cost

Several factors impact the E&O insurance cost. Below are the main ones:

  • Your profession. E&O insurance cost for an architect is different from that for an accountant or an investment advisor.
  • Location
  • Annual sales, number of employees
  • Coverage limits, deductible amount, and deductible types
  • Past claims

How to find cheap E&O insurance in Florida?

Here are some practical tips to find cheap E&O insurance in Florida

Risk management to reduce hazards

Errors and omissions (professional liability) coverage may be expensive, but risk management can help you lower the cost. A strong E&O risk management plan may include:

  • Having detailed client contracts
  • Keeping good client relationship
  • Attending to client complaints and resolving them quickly
  • Checking (and rechecking!) your work as many times as possible
  • Engaging cybersecurity tools to decrease risks

Maintain steady coverage

Some companies prefer to obtain professional liability insurance at the outset of a project and cancel it at the end since it is cheaper. However, this method may cost you dearly. Your professional liability insurance coverage must be active if you want to receive its full benefits. If you want to avoid paying for professional liability litigation, you need ongoing coverage. 

Compare several quotes

Always shop around with a few companies or work with a top broker like Simply, CoverWallet, or to get and compare several quotes to select the cheapest one for you. Different insurance companies assess risks differently and they all have their own business strategies to be in favor for or not in favor for particular industries, that impact their pricing strategies for your business. Getting a fast online quote from NEXT or Thimble is another good way, even just to see the ballpark of your E&O insurance cost.

Where small businesses in Florida can get E&O insurance quotes online

Comparing several quotes is a good way to lower your E&O insurance premiums. Getting E&O insurance quotes online will help make quote comparison easier. Below are a few companies that small businesses in Florida can get E&O insurance quotes online:

  • Carriers: NEXT, Thimble, and Hiscox
  • Brokers: Simply Business, CoverWallet, or

The takeaway

Errors and omissions insurance is a must if you are in a business dealing with your customers’ finances. The insurance protects you if you make a mistake that can potentially harm the client. No one wants to think about getting sued, but having coverage to protect you should that happen is well worth the cost. Consider investing in errors and omissions insurance as soon as possible! 

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