We've had a very large Fortune 500 company for a client for a number of years. We mostly do training video for a very small division of the company and not a lot of dollars change hands. Almost a year ago they decided that we should have a contract so we've been waiting. Now they're ready, but the fine print includes a surprise requirement for Errors and Omissions insurance that will cover work we produce for them. We just got a quote that's about $2,600 for a year. Anyone else run into this? Anyone found a better rate?
Errors and omissions insurance is a good idea even without the client asking for it. $2,600 does seem a bit high though. We use State Farm for this type of coverage and if memory serves me, we pay about $1,000 per year for about 2.5 million in coverage.