Errors & Omissions Insurance (also called E&O Insurance and Professional Liability Insurance) protects small businesses from lawsuits brought by dissatisfied clients. Even if the lawsuit is frivolous and the plaintiff is unlikely to win, the cost of a legal defense can top tens of thousands of dollars.
Errors and Omissions Insurance provides coverage when a customer or client brings a lawsuit alleging that your business’s services or work caused them to suffer a financial loss. Typical examples of customer claims that E&O Insurance might cover include…
Errors and omissions coverage pays for your business’s legal defense, along with any court-ordered judgments or settlements to compensate the suing party, up to the limits of your policy. Your E&O policy may also cover compensation for lost income due to time spent in court as well as specific other expenses you may incur while defending yourself.
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