Does Your Small Business Need Errors and Omissions Insurance?

Lucy Lazarony, Editor Forbes

​Errors and omissions (E&O) insurance comes to the rescue if you make mistakes in professional services while doing business.

This coverage is also known as professional liability insurance and it will help cover the cost of a client or customer who makes a claim against your business. Errors and omissions insurance assists with legal defense costs, judgments and settlements. Without errors and omissions insurance, you’d have to pay out of your own pocket if a customer says you owe them money because of a mistake.

If your business provides a professional service or offers advice to clients, you may be a good candidate for errors and omissions insurance.

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