Errors & Omissions (E&O) Liability Insurance
All professionals should carry errors and omissions (E&O) insurance. This includes architects and engineers, contractors in design/build work, accountants, attorneys, importers/exporters, physicians, property managers and real estate agents, among many others. An E&O insurance policy is designed to help professionals pay for the costs involved in claims alleging financial damages as result of the work performed. Costs incurred for defense expenses, settlements and damage awards are typically covered under errors & omissions insurance. Some insurers offer policies that provide legal defense costs outside of liability limits. Also, policies can be designed for professionals who are winding down their careers but want coverage that will be in effect during their retirement.