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Errors & Omissions

Errors and omissions insurance (E&O) is a type of professional liability insurance that protects companies, their workers, and other professionals against claims of inadequate work or negligent actions.

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Errors & Omissions

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What is Errors & Omissions Insurance (E&O)?

Errors and omissions insurance is a form of liability insurance. It protects companies against the full costs of a claim made by a client against a professional who provides advice or a service such as a consultant, financial advisor, insurance agent, or lawyer.

Who is E&O insurance for?

Professionals working in financial industries such as insurance, investments, real estate, and accounting will benefit from E&O insurance to cover them in the event of a mistake or omission made on behalf of a client, which can be costly. Many regulatory bodies mandate employees in these professions to obtain E&O coverage through their employer or independently.

  • Insurance brokers
  • Insurance dealers
  • Insurance regulators
  • Realtors
  • Registered investment advisors
  • Banks
  • Credit Unions
  • Financial planners
  • Nonprofits
  • Maintenance companies
  • Contractors
  • Engineering firms
  • Architects
  • Lawyers
  • And any other professional who provides a service

*Doctors, dentists, and other medical professionals also take out E&O insurance called malpractice insurance.

What does E&O insurance not cover?

There are several types of claims that aren’t covered by errors and omissions insurance, including:

  • Customer injury and property damage. General Liability insurance typically applies if a customer becomes injured or you damage their property in the course of your work.
  • Incidents involving your business vehicles. Commercial auto insurance covers liability claims that involve your work vehicles.
  • Damage to your business property. A business owners policy usually protects against losses related to your commercial property and business assets.
  • Employee injury or illness. Workers' compensation insurance covers your employees if they become injured or ill while at work.

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