When you work in the world of business, law, or politics, there are all kinds of insurance that are simply important to have to help you survive all the ups and downs that simply come with the job. And if you happen to be working with people (which is most likely the case,) you may find yourself up against a lawsuit at one time or another, due to just about anything you can think of. In a case like this, having e & o insurance might be the best thing you’ve ever done.
Defining e & o insurance may seem simple for those people who are familiar with the lingo of the insurance world, but for the rest of us, here is a simple definition: e& o (errors and omissions) insurance is a policy that will help to cover what court costs or settlements come out of claims against the company for a number of actions, including inadequate work in a contracted project. Of course, the terms of these policies are generally decided upon between the company itself and the insurance provider, thus putting a cap on the amount of money the insurance will pay.
Nevertheless, having errors and omissions insurance can be the one thing that keeps your company going while dealing with something as devastating as a lawsuit. Make sure you have yours in place for your company.