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They offer different scopes of protection. General liability lives up to its name its generalized liability coverage for lawsuits, property damage, and advertising injuries. EO only covers lawsuits over the financial losses someone experienced because of your work.
Professional Liability insurance, also known as Errors and Omissions (EO) coverage, is designed to protect your business against claims that professional advice or services you provided caused a customer financial harm due to actual or alleged mistakes or a failure to perform a service.
Errors and omissions insurance policies cover legal fees, damages, expenses, awards, and settlements that you may incur if you are sued for your professional services or advice. These fees and damages can result from lawsuits pertaining to: A bdocHub of the obligations in your contract.
Most errors and omissions insurance policies cover judgments, attorney fees, court costs and settlements up to the limits of the policy.
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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Most errors and omissions insurance policies cover judgments, attorney fees, court costs and settlements up to the limits of the policy. Some events resulting in a loss for a client may have occurred several years in the past, and the first time the mistake is apparent is when a court summons arrives in the mail.
EO and DO policies generally cover claims originating from outside your business, whereas EPLI covers lawsuits from within. An EO policy wouldnt cover employee lawsuits because they arent related to your professional services.
An errors and omissions clause is a provision, usually in an obligatory reinsurance treaty, stating that an error or omission in reporting a risk that falls within the automatic reinsurance coverage under such treaty shall not invalidate the liability of the reinsurer on such omitted risk.

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