Errors and omissions insurance: Difference between revisions
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'''"Errors and omissions insurance''' is business [[Legal liability|liability]] [[insurance]] for professionals such as [[insurance agent]]s, [[real estate]] agents and brokers, [[architect]]s, third party administrators, quality control workers, NDE Persons, 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 (up to amount of policy) of defense for lawsuits and related cost of lives or property lost relating to an error or omission in providing covered Professional Services. This insurance is extremely cost prohibitive and unless required by contractual needs should be avoided. This is a separate coverage from a standard general liability or property insurance policy."<ref>[http://www.axisins.com/eo_about.asp Axis Insurance Services]</ref> |
'''"Errors and omissions insurance''' is business [[Legal liability|liability]] [[insurance]] for professionals such as [[insurance agent]]s, [[real estate]] agents and brokers, [[architect]]s, attorneys, third party administrators, quality control workers, NDE Persons, 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 (up to amount of policy) of defense for lawsuits and related cost of lives or property lost relating to an error or omission in providing covered Professional Services. This insurance is extremely cost prohibitive and unless required by contractual needs should be avoided. This is a separate coverage from a standard general liability or property insurance policy."<ref>[http://www.axisins.com/eo_about.asp Axis Insurance Services]</ref> |
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Errors and Omissions Insurance may be referred as: E&O (Insurance), Errors (&) Omissions, [[Professional_liability_insurance|Professional Liability]] (Insurance), [[Malpractice]] (Insurance), etc. |
Errors and Omissions Insurance may be referred as: E&O (Insurance), Errors (&) Omissions, [[Professional_liability_insurance|Professional Liability]] (Insurance), [[Malpractice]] (Insurance), etc. |
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Revision as of 16:22, 11 February 2011
 | It has been suggested that this article be merged with Professional indemnity insurance. (Discuss) Proposed since July 2010. |
 | This article needs additional citations for verification. (March 2009) |
 | This article's tone or style may not reflect the encyclopedic tone used on Wikipedia. (March 2009) |
"Errors and omissions insurance is business liability insurance for professionals such as insurance agents, real estate agents and brokers, architects, attorneys, third party administrators, quality control workers, NDE Persons, 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 (up to amount of policy) of defense for lawsuits and related cost of lives or property lost relating to an error or omission in providing covered Professional Services. This insurance is extremely cost prohibitive and unless required by contractual needs should be avoided. 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.