Errors and Omissions Insurance
Professional liability coverage for financial harm caused by mistakes or negligent advice in services.
Overview
Used by agents, brokers, consultants, engineers, architects, accountants, and IT providers, it covers economic loss claims that general liability ignores. Policies are claims made, responding only when the claim arrives while the policy is in force and often only for work done after a retroactive date, making continuous coverage and tail endorsements critical when changing carriers. Defense sits inside limits in most forms, so legal costs erode the payout pool. Underwriting asks about contracts, subcontracting, staff training, and prior incidents, and premiums scale with revenue and headcount. Technology versions blend cyber coverage, and medical professionals carry the cousin product called malpractice insurance with its own market and rules.
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