Professional Liability Insurance - Errors & Omissions

[Yardley CPA]

Wondering if anyone chooses not to purchase E&O Insurance.  I'm not looking for opinions on the decision not to carry it, just wondering if some choose to go without it?  

[Lynn EA USTCP in Louisiana]

My late father, also an EA, never had E&O insurance . I do. 

[Lee B]

I have carried it for 27 years and don't regret paying for it.

I have never had a claim, however it's like paying for fire or earthquake  insurance.

Paying for it is annoying until you need it, then it's a lifesaver.

[Randall]

I've always had it.  Hate paying the premiums but I don't want to take the chance.

[RitaB]

I don't carry it.

[Possi]

I don't carry it, either.

[Roberts]

I don't carry it, I do have a liability bond for part of my business (not tax). I was told by my insurance agent that if you pay for E&O insurance and they aren't doing a semi routine audit of your business practices, you are paying for a policy that is likely worthless if you really need it. For example my liability  bond requires that management meet certain requirements in monitoring employee activity.

 

From what I was told the liability bond is unlikely to actually help me but it is legally required.

[Lion EA]

I have carried E&O since I went out on my own. A couple of years ago, I added a cyber rider.

[Gail in Virginia]

I carry E&O because we live in a litigious society.

[Medlin Software, Dennis]

2 hours ago, Gail in Virginia said:

I carry E&O because we live in a litigious society.

I see society in a way where sense is no longer common, and where the first reaction to any issue is "it could not have been my fault, who can I get to pay".  Nuisance/go away/key money is large enough to be life changing to some, and those who pay (us) seem to not want to fight with dollars, and would rather pay for the problem to go away.

My first message of the day was from someone who just updated their computer to a new OS version, and wrote me a nastygram about how my software failed after the OS upgrade (it did not).  Now uncommon sense would have triggered the OS upgrade as the cause of the issue, but I can be easily reached, MS cannot, so MS successfully offloads their support on others (again).

[BLACK BART]

Don't have any now; cancelled about twenty years ago after carrying it for about fifteen.

Only thing that ever happened to me re litigation when I had it, is a lowlife suing his ex-wife to make her pay his delinquent taxes threw me in the mix because I'd done her taxes that year (don't know what that had to do with his tax - lawyer probably told him to sue her, her dog, her relatives, and all others possibly-involved).  The debt was seven years old and a lawyer friend told me the court wouldn't do anything on such stuff old than five in AR, so I didn't even call the insurance people - just went to court and judge threw it out - told him to take it up with IRS.  Didn't particularly want E&O involved anyway; I've seen/heard of them paying off undeserving people instead of fighting a good case just to take the easy way out.