Errors and omissions insurance is a form of liability insurance protecting companies against claims made by clients. It covers costs related to accusations of mistakes, negligence, or inadequate work. Many professionals like consultants, advisors, agents, lawyers, and wedding planners require this coverage. Policies and costs vary between insurance companies.
Specific Coverage for Industries
Printers
Printers need errors and omissions insurance to cover claims related to printing mistakes, like typos or color accuracy issues. It pays legal fees and settlements for negligence accusations. Printing businesses may also need other coverages like scheduled airline failure insurance or public liability insurance.
Authors
Self-published authors can request to be added to their publisher’s media liability policy. If working independently, most experts recommend getting your own coverage. Media liability insurance is similar and covers content creators distributing work globally.
Who Needs This Insurance?
Compared to other liability policies, errors and omissions insurance handles unique losses. It shields individuals and companies from financial harm due to legal claims of mistakes made while providing professional services. Anyone giving clients advice or services for a fee should consider this specialized protection. Potential policyholders include doctors, lawyers, insurance agents, and engineers.