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Errors and Omissions Insurance coverage is a form of business liability insurance coverage for professionals such as insurance agents, architects, real estate agents, accountants, lawyers and surveyors. Also known as E and O Insurance, or professional liability insurance, it covers professionals in the event they make a mistake or omit something that should have been included, which results in financial harm to a third party.

While not every business, or professional, requires errors & omissions insurance, it is a very good idea for anybody who offers a service to a client. This coverage is in addition to other business type liability insurance, which deals with physical or financial harm done to person or property.

E&O Insurance is For Companies Offering Services

Any person or company that offers a service where a mistake can be made that results in financial harm to another, needs E&O Insurance. Errors and omissions coverage is there to protect a professional from lawsuits that arise from mistakes and omissions the professional makes in the normal course of offering services to clients. The possibility of making a mistake, error or omission is ever present when a professional is offering specific services for which they are the being paid; therefore, the need for errors and omissions insurance should always be a part of the professional's insurance coverage.