What is errors and omissions insurance (E&O), and why do you need it?

Insureon Staff.
Protect your small business from unsatisfied clients with errors and omissions insurance (also known as professional liability). In this video, we’ll break down E&O, what it covers, and how it can save your business money.
View video transcript.

When it comes to your small business, its success stems from your expertise, fulfilled contracts and happy clients. But what if a client is unsatisfied with the outcome you delivered? This is where a policy like errors and omissions can help.

So, what is errors and omissions insurance? Also known as professional liability insurance, E&O helps protect your business from lawsuits filed by unsatisfied clients.

This coverage applies to work mistakes and oversights, undelivered services, missed deadlines, and accusations of negligence.

Based on several factors including risk, business size, and claims history, the cost of E&O coverage can vary from business to business.

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Errors and omissions insurance, also called professional liability insurance, helps pay for legal costs when a dissatisfied customer sues your business. It can cover attorney's fees, settlements, and court-ordered judgments.

E&O coverage is especially important for consultants and companies that offer professional services, and any other business where a mistake or oversight could cost a client money. It's a requirement for certain professionals, depending on the laws in your state and the clients you work with.

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