Errors and omissions (E&O) insurance, which may exclude negligent acts other than errors and omissions (“mistakes”), is most often used by consultants, brokers and agents of various sorts, including notaries public, real estate brokers, insurance agents themselves, appraisers, management consultants and information technology service providers (there are specific E&O policies for software developers, website developers, etc.), architects and engineers, attorneys, third-party business administrators, quality control specialists, non-destructive testing analysts, and many others.
Depending on the terms and conditions of the policy, the insurance will pay for:
- Court defense costs.
- Damage awarded to the complainant or an out-of-court settlement offer.
- A daily allowance for every day you have to be in court.
Errors and Omissions Insurance assists you from bearing the total expenses of defense for lawsuits and damage expenses for lives or properties due to a mistake or negligence on your end.
