Error & Omission Insurance Policy
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FIND AN AGENT Errors and Omissions Insurance Offers Your Business Extra Protection As you may know, business liability insurance covers losses related to bodily injury, property damage or advertising injury. But what happens, and who pays, when a printer neglects to catch a typographic error on a large order of engraved wedding invitations? Or when a plumbing repair fails and causes an entire office to be flooded? Issues like these can be resolved with the purchase of errors and omissions (E&O) insurance. Errors and omissions insurance is a kind of specialized liability protection amaterial may be challenged and removed. (November 2007) (Learn how and when to remove this template message) Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a https://en.wikipedia.org/wiki/Professional_liability_insurance form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are causes for and o legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability coverage sometimes also provides for the defense costs, including when legal action turns out to be groundless. Coverage does not include criminal prosecution, nor a wide range of potential liabilities under civil law that are not enumerated in the policy, but which may be subject to other forms error and omission of insurance. Professional liability insurance is required by law in some areas for certain kinds of professional practice (especially medical and legal), and is also sometimes required under contract by other businesses that are the beneficiaries of the advice or service. Professional liability insurance may take on different forms and names depending on the profession. For example, in reference to medical professions it is called malpractice insurance, while errors and omissions (E&O) insurance is used by insurance agents, consultants, brokers and lawyers.[1] Other professions that commonly purchase professional liability insurance include accounting, engineering and financial services, construction and maintenance (general contractors, plumbers, etc., many of whom are also surety bonded), and transport. Some charities and other nonprofits/NGOs are also professional-liability insured. Contents 1 Rationale 2 Coverage 3 Errors and omissions insurance 4 Gaps in coverage for E&O claims made policies 5 Extended reporting period (tail) coverage 6 Civil liability insurance 7 References Rationale[edit] The primary reason for professional liability coverage is that a typical general liability insurance policy will only respond to a bodily injury, property damage, personal injury or advertising injury claim. Other forms of insurance cover employers, public and product liability. But various professional services and products can give rise to legal claims without causing any of the specific