(Errors & Omissions)
Professional liability insurance AKA Errors & Omissions (E&O) covers professionals for claims of alleged or actual negligence related to a professional service or advice. This coverage can also include defense costs when a covered claim is reported, and can provide coverage for claims arising from services provided in the past.
This type of insurance is essential for licensed professionals such as accountants, attorneys, insurance agents, architects, engineers and technology companies. Professional liability insurance can be required by a small business or even a contractor when entering into a contract. It is recommended that all professional and technology companies carry E&O coverage.
