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What is Errors And Omissions Insurance?

https://robfreeman.com/ - What is Errors and Omissions Insurance? Errors and omissions is a special type of liability insurance. Unlike commercial general liability insurance, which protects your business from claims of 3rd party bodily injury and property damage, errors and omissions protects professionals who provide expert advice or professional services to others for a fee. Examples of professions that should have E&O are attorneys, architects, engineers, financial advisors or consultants who provide expert advice and professional services for a fee. All professionals want to provide the best service you can to their clients, however, in the event a client suffers financial harm due to an error or omission in your service, the client may file a lawsuit against you. The resulting legal defense, court fees and potential judgment or settlement could be costly. Errors and omissions insurance, also known as professional liability, protects your business from claims related to inadequate work or negligence in their providing of professional services. What is covered by E&O insurance? E&O insurance should cover defense costs, attorney fees, court costs, settlements and judgments associated with covered claims. Many businesses that provide a service for others should have errors and omissions insurance to protect them against claims, defense costs and potential judgments related to their professional expertise. Different types of errors and omissions insurance include miscellaneous professional liability, architects and engineers professional liability, and technology E&O. Technology E&O is a special type of professional liability that covers software and/or mechanical performance associated with technology.