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Errors and omissions insurance Errors and omissions insurance refers to that kind of insurance which protects the business owners from the claims resulting from their faulty performance. As its title goes, it covers the possible damages caused to the clients because of the errors and omissions by the businesses. Incase a client makes a claim, this insurance protects the business and its assets by paying for the damages caused to the client. It makes sure that the client will be paid adequate funds to cover the losses caused by the negligence of the business. Thus it helps the businesses to retain their customers as well without burning the bridges. In some countries, this insurance is mandatory for specific industries. This is especially mandatory for professionals like estate planners, financial consultants etc as these professionals are getting paid for their service. Similarly computer consultants, software developers, architects, accountants etc should also get this insurance. In a nutshell, this insurance acknowledges the saying 'To err is human '. More Glossary Terms Explained here |
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