Errors & omissions insurance

Business insurance glossary
Tail coverage

Tail coverage is an addition to a claims-made policy. It extends coverage for incidents that happened during the time you had your policy, but a claim was not filed until after your policy expired or was canceled. Tail coverage is another name for an extended reporting period.

Business insurance glossary
Standard of care

Standard of care refers to a professional's duty to act reasonably and provide quality services. If you fall short of the standard of care, a client usually has the right to sue.

Business insurance glossary
Retroactive date

A retroactive date defines how far back in time a loss can occur for your policy to cover your claim. If a claim happens prior to your retroactive date, your policy won’t provide benefits. It’s a feature of claims-made professional liability or errors and omissions insurance.

Business insurance glossary
Professional liability insurance

Professional liability insurance is defined as a form of insurance that can help pay for legal expenses when clients claim something you did – or didn’t do – hurt them financially.

Business insurance glossary
Errors and omissions insurance

Errors and omissions (E&O) insurance is a form of insurance that covers business mistakes or undelivered services that caused financial harm to a customer.

Business insurance glossary
Claims-made insurance policy

A claims-made policy provides benefits only if you file a claim while it’s active. If you cancel your policy and then report a claim, you’ll have no insurance coverage.

Professional liability insurance
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