Error And Omissions

 E&O insurance protects individuals and businesses against financial losses arising from unintentional errors, omissions, or negligence in their professional services. This can include claims stemming from mistakes, missed deadlines, or misrepresentation of information.

Many professionals benefit from E&O insurance, especially those dealing with sensitive information, providing advice, or offering services with potential financial implications. Common examples include accountants, lawyers, real estate agents, financial advisors, consultants, and architects.

E&O insurance covers policy but generally covers lawyer fees and other expenses incurred when defending a claim. Damages awarded to a client: Reimburses clients for financial losses. It covers costs if you choose to settle a claim outside of court.

Common exclusions include intentional acts of wrongdoing, fraud, and criminal activity.

Dishonesty, failure to comply with professional regulations, pre-existing claims, or known problems.

 The cost of E&O insurance depends on various factors, including your profession and level of expertise, your claims history, your annual revenue, coverage limits, and policy deductibles.