Errors and Omissions Insurance is business liability insurance for professionals such as insurance agents, real estate agents and brokers, bankers, attorneys, architects, third party administrators, and other business professionals.
A mistake–error or omission–which causes financial harm to another, can occur in almost any transaction or profession. Errors and Omissions insurance helps to protect an individual, a professional, or a company, from bearing the full cost of defense for lawsuits relating to an error or omission in providing covered services.
This type of policy is a separate from a standard general liability or property insurance policy.
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