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What is the error and omission application?

To determine your businesss risk of facing a lawsuit, your EO application will ask for details about your companys organization, revenue and payroll data, information on how your company uses contracts, potential corporate entanglements, and insurance and legal history.

How does professional liability insurance work?

Professional liability insurance is a type of business insurance that provides coverage for professionals and businesses to protect against claims of negligence from clients or customers. Professional liability insurance typically covers negligence, copyright infringement, personal injury, and more.

What is error and omissions?

Primary tabs. Errors and omissions refers to a type of liability insurance. Errors and omissions insurance, also termed EO insurance, provides policy-holding professionals with coverage against damage suffered as a result of the professionals errors and omissions in rendering professional services.

Is EO insurance worth it?

These requirements vary by state and profession. Even if EO insurance is not required in your state, its still worth considering. Without this coverage you could face hefty out-of-pocket expenses if you get hit with a lawsuit for a mistake.

What does error and omission cover?

Errors and omissions insurance is a form of liability insurance. It protects companies against the full costs of a claim made by a client against a professional who provides advice or a service such as a consultant, financial advisor, insurance agent, or lawyer.

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