What is Errors & Omissions Insurance?
This type of insurance provides coverage for mistakes made by professions such as lawyers, architects, engineers, or for mistakes made in a service business, such as insurance, real estate, and others.
Errors & Omissions is also sometimes referred to as Professional Liability insurance. Depending on what professional industry you are in one may be more common than the other. It is very important to maintain General Liability insurance which covers slip and fall accidents, it is just as important to have Errors & Omissions insurance coverage for other professional services.
Why do I need this Errors & Omissions Insurance?
As a business professional, an error or mistake could be made in providing a service, which may result in a financial loss to the customer. Errors and Omissions coverage will defend the claim and pay the loss if necessary. Other types of claims that may be covered include negligent advice, breach of contract and misrepresentation of services.