Errors and Omissions Insurance Law and Legal Definition

Error and Omission Insurance is a type of insurance which is used to indemnify the loss caused due to a mistake or oversight of an insured party. In this type of insurance, the loss caused need not be because of any intentional wrongdoing by the insured. This type of insurance is commonly known as E&O insurance.

This type of insurance is mainly used to cover business liability of professionals like an insurance agent, a real estate agent, or brokers.