E&O stands for Errors & Omissions, and is often referred to as professional liability insurance. Any mistake made in the process of conducting your business activity carries liability. If someone finds that you breached your duty or failed to disclose aspects of a real estate transaction, Errors & Omissions insurance is designed to cover the costs of defending yourself against any legal action, and paying any settlements or judgments that may be issued against you.
Errors and Omissions coverage can also protect you from frivolous lawsuits. Even if you did everything right, you can still incur significant legal fees defending yourself if you don’t have E&O coverage.
This blog/website is made available by CRES Insurance Services for educational purposes to give you general information and understanding of legal risks and insurance options, not to provide specific legal advice. This blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. Claims examples are for illustrative purposes only. Read your policy for a complete description of what is covered and excluded.
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