What is Errors and Omissions Insurance?Errors and omissions (E&O) insurance, also referred to as professional liability insurance, shields businesses and professionals against allegations of carelessness or subpar work that causes clients to suffer financial losses. It pays for settlements, damages, and legal fees associated with these kinds of claims. Professionals that offer services or advice, such as attorneys, consultants, and tech companies, must have it. The coverage of E&O insurance varies and includes defense costs, damages, and settlements; nonetheless, policy terms should be carefully reviewed by professionals. All things considered, it's critical for reducing the financial risks connected to prospective litigation and claims alleging professional errors.
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