errors and omissions insurance

errors and omissions insurance definition - business

errors and omissions insurance

Liability coverage for client claims that something done on their behalf was done incorrectly and caused them harm. This type of coverage is designed for someone such as a software designer, teacher, consultant, or financial planner who offers advice. Also called professional liability insurance.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.