Errors and Omissions Insurance

"Errors and omissions" insurance is liability insurance for professionals. These include insurance agents, real estate agents and brokers, architects, third party administrators and other business professionals. An error or omission or a mistake, which causes financial harm to another, can occur on almost any transaction in any profession. This type of insurance helps to protect professionals or a small company from bearing the full cost of defending themselves in lawsuits relating to an error or omission in providing covered Professional Services. This is a separate coverage from a standard general liability or property insurance policy.

There are specific E&O policies for technology companies, such as software developers, technology consultants and other creators of technology. This coverage focuses on the failure to perform, financial loss and error or omission of the products or services sold. Additional coverage for breach of warranty, intellectual property, personal injury, security and cost of contract can be added.

Errors and Omissions Insurance may be referred as: E&O Insurance, Errors & Omissions, Professional Liability Insurance, Malpractice Insurance, etc.