BUSINESS

Is liability insurance the same as E&O insurance?

E&O insurance and professional liability insurance are the same thing. E&O insurance, on the other hand, is distinct from general liability insurance.

General liability insurance is better suited for coverage for a business involving claims for bodily injuries or damages caused by the company’s products.

Whereas errors and omissions coverage is specific to mistakes made in the course of a business’s operations.

The Bottom Line E&O insurance is a type of protection for a business against mistakes made in the course of doing business.

The person who was hurt may file a claim against the business if the company knowingly fails to meet a deadline, commits a material error, makes a professional oversight, or exhibits professional negligence.

In these instances, the company may be covered by insurance for legal and damage costs.

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