Errors and omissions (E&O) insurance is a type of professional liability insurance that shields businesses, their employees, and other professionals from claims of negligent or inadequate work.
Important Takeaways Professional liability insurance includes errors and omissions insurance.
Companies and professionals are shielded from client claims of subpar work or carelessness by E&O insurance.
Financial services, insurance agents, doctors, lawyers, and wedding planners are among the professions that require E&O insurance.
Criminal activity is not covered by E&O insurance. Additionally, it does not cover many other types of damage that are typically covered by various insurance policies.
Costs for E&O insurance will vary according to industry and anticipated risk; The majority of businesses can get insurance for less than $1,000 per year.
