Errors and Omissions Insurance
Errors & Omissions (E&O) Insurance, also known as professional liability insurance, is a type of insurance that protects businesses and individuals from financial losses caused by mistakes or oversights in their professional services. This type of insurance is commonly used by professionals such as lawyers, accountants, consultants, and architects, who can be held liable for errors or omissions in the advice or services they provide. E&O insurance can also protect against claims of negligence or breach of contract.
E&O insurance typically covers the costs of legal defense, judgments, and settlements, as well as any damages awarded to the plaintiff. It can also provide coverage for claims that may arise after the completion of a project, such as latent defects. The policy can also be tailored to specific professions or industries.
By purchasing E&O insurance, professionals and businesses can protect themselves against the financial consequences of mistakes or oversights, and continue to provide their services with confidence. E&O insurance is a important form of risk management that can help professionals and businesses to manage the uncertainty and risk associated with providing professional services.
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