People who work in a professional capacity are hired for their expertise, and they may be held financially responsible for any mistakes in their work or the advice they provide. Depending on how much damage, loss and/or injury is caused by a mistake, the resulting lawsuits and defense costs can become quite expensive.
Professional liability/errors and omissions liability insurance products offer protection in the event that professionals are accused of making errors in their work. E&O insurance policies are available for a wide range of professional fields that involve providing advice or counsel, including lawyers, accountants, architects & engineers, and consultants.
- Misreading documents and taking improper actions
- Failing to file necessary paperwork by a deadline
- Providing clients with inaccurate information
- Misspeaking when providing advice to clients
- Transposing facts or figures incorrectly