Description of Coverages

Errors & Omissions (E&O) in the US, is a form of liability insurance which helps protect professional advice- and service-providing individuals and companies. The coverage concentrates on losses that involve failure to perform a duty, financial loss caused by an act or omission by the insured, and any error or omission in the service or product sold by the insured. The coverage protects an insured from bearing the full cost of defending themselves against a negligence claim made by their client, and damages awarded in such a civil lawsuit.

Coverage is also provided for the legal defense costs of a suit even when the legal action turns out to be groundless. Policy wording and coverage can vary by carrier. It is important to work with your agent when purchasing this type of policy to ensure you are covered property.

Claims made – see Claims Made Coverage

Retro active date – see Claims Made Coverage

Deductible – see Claims Made Coverage