Errors and Omissions Insurance is a type of professional liability insurance that protects businesses and their employees against claims of inadequate work or negligent actions.
Related Real Estate Terminology:
- Liability Insurance: Insurance that provides protection from claims arising from injuries or damage to other people or property.
- Professional Liability: The legal responsibility of professionals to their clients resulting from services provided.
- Negligence: The failure to use reasonable care, resulting in damage or injury to another.
- Coverage: The extent to which an insurance policy will protect the insured party.
- Claim: A formal request to an insurance company asking for a payment based on the terms of the insurance policy.
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