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"Errors and omissions insurance is business liability insurance for professionals such as insurance agents, real estate agents and brokers, architects, third party administrators and other business professionals. An error or omission, a mistake, which causes financial harm to another, can occur on almost any transaction in any profession. This type of insurance helps to protect a professional, an individual or a company, from bearing the full cost of defense for lawsuits relating to an error or omission in providing covered Professional Services. This is a separate coverage from a standard general liability or property insurance policy."^[1]

Errors and Omissions Insurance may be referred as: E&O (Insurance), Errors (&) Omissions, Professional Liability (Insurance), Malpractice (Insurance), etc.

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