Errors and omissions (E&O) refers to liability insurance that protects professionals and companies against claims of inadequate work or negligent actions. It covers financial losses resulting from mistakes, errors, or omissions made while providing professional services. This type of insurance is crucial for professionals such as lawyers, accountants, architects, real estate agents, and insurance agents, as it provides financial protection against claims arising from their professional activities. E&O insurance typically covers legal defence costs and damages awarded in lawsuits resulting from alleged professional negligence, errors, or omissions.
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This glossary post was last updated: 28th March, 2024.
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