What Is Error & Omissions Insurance?
In the litigious world we live in today, many business owners protect themselves with errors and omissions insurance (E&O). This type of insurance may be appropriate for anyone who gives advice, makes educated recommendations, designs solutions or represents the needs of others, such as:
- Real Estate Management Firms
- Computer Programmers
- Real Estate Agents & Brokers
- Building Inspectors
- Software Developers
- Ad copywriters
- Web page designers
- Placement Services
- Even Insurance Agents & Brokers
Why You Need Errors & Omissions Insurance
Regardless of what kind of business you own, customers can claim that something you did on their behalf was done incorrectly, and that this error cost them money or caused them harm in some way. Legal expenses in an errors and omissions claim can be costly. Errors & Omissions policies are designed to cover many of these defense costs and ultimatly the final judgement if the business owner does not win the case.