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Errors and omissions   insurance (E&O), often referred to as professional liability insurance, protects your business in the event you’re found legally liable for faulty advice or negligence related to a professional service.

Who needs E&O insurance?

Generally, any business which offers advice or provides a service needs an errors and omissions policy. Occupations that require E&O insurance typically include:

  • Consultants
  • Real estate agents
  • Insurance agents
  • Financial advisors
  • Lawyers
  • Accountants
  • Engineers
  • Architects

In addition, business partners and licensing boards may require errors and omissions insurance by contract.

Ultimately, anyone can sue your business if they feel they have suffered a loss due to your services—actual or perceived. For example, a real estate agent could get sued by a client who feels the loss of a property acquisition was a direct result of the agent’s mismanagement. Making sure your business is protected in these instances may prevent financial hardship.

Types of E&O coverage

A variety of E&O coverages are available for small businesses, including:

  • Negligence – Protects a business against actual or alleged errors and omissions when providing a professional service, such as giving incorrect advice, an omission, or failing to deliver a service.
  • Defense costs – Provides legal defense when a covered claim is reported.
  • Copyright infringement – Coverage for damages or claims expenses for copyright infringement.

E&O insurance can also offer coverage for claims from services provided in the past and work performed anywhere in the world.


There are many different forms of professional liability insurance and multiple factors to consider when purchasing E&O coverage for your business. Because there isn’t a standard policy, our experienced expertise who understands your business can knowledgeably design a policy to suit your needs.

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Gold River Insurance Brokerage is a full-service independent brokerage in Brooklyn, NY.