AE Blog - What Is Errors and Omissions Insurance?
Errors and omissions insurance, also commonly called E&O, protects businesses and individual professionals much in the way any insurance would. What sets this coverage apart from other insurance coverages is the specific nature of the risk exposure involved. Professionals, including architects, engineers, land surveyors, environmental consultants, and construction managers, face a greater exposure to liability directly resulting from the nature of their word. Projects can be very large, expensive, and public, and the price when something goes wrong is quite high.
Failing to protect oneself from such litigation can prove ruinous. Though it is called errors and omissions insurance, said coverage exists to protect against liability from any angle – whether due to an error or omission on the professional’s end, or a failing on the client side. When it comes to liability in today’s world, it’s not about who’s at fault, but who’s going to pay. Make sure it’s not you. To learn more, contact us.