Errors & Omissions (E&O) Insurance
What is E&O insurance?
E&O protects businesses and professionals against claims of negligence, mistakes, or failure to deliver the promised services that result in a client’s financial loss.
Who needs E&O coverage?
It’s essential for anyone who gives advice or provides expertise; consultants, real estate agents, insurance professionals, IT providers, accountants, and other service-based businesses should all maintain E&O coverage.
What does it typically cover?
Coverage includes legal defense costs, settlements and judgements, and claims of professional negligence, misrepresentation, or errors in service.
Is E&O the same as general liability?
No, general liability covers bodily injury or property damage. E&O specifically covers financial losses due to professional mistakes or omissions, which general liability does not.