7/21/2017

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Errors & Omissions Insurance

Errors and Omissions Insurance is a type of insurance policy that is purchased by and issued to professionals such as attorneys, paralegals, escrow companies, mortgage bankers and brokers, and real estate agents and brokers. Errors and Omissions insurance (E&O) is also known in certain areas as Professional Indemnity Insurance (PII) or Professional Liability Insurance (PLI).

This type of insurance provides coverage for the insured in case a lawsuit is filed against them for committing unintentional errors or omissions during the course of handling the business affairs of a client or customer.

Although E&O insurance may not always be required by law, it is highly recommended for professionals in any field of business who run the risks of causing financial losses for those who entrust them the rights to handle their money, property and/or other business activities.

If the E&O insurance policy is issued for the correct amount of coverage, it protects the insured by paying for any losses that might occur so the insured will not have to pay directly from his own personal funds.

An E&O policy should be clear and concise as to what is and what is not covered. In most cases, the liability limit is stated in the policy and if there are limits as to what the insurance company will pay, it is, or should be, spelled out in no uncertain terms.

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