Mistakes happen. Every company messes up at some point. Errors and Omissions (E&O) Insurance protects your company from claims if your client holds you responsible for errors or the failure of your work to perform as promised in your contract.
For doctors, dentists and chiropractors, it is often called malpractice insurance. For lawyers, accountants, architects or engineers, it may be called professional liability. Whatever you call it, it provides protection to you for errors that you have made or that the client perceived you have made.
Most E&O policies will provide coverage for judgments, settlements and defense costs. Even if the allegations are found to be groundless, the defense costs could be thousands of dollars. General Liability Insurance does not provide coverage for a negligent act, error or omission by a professional.
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