Like many types of insurance, the details of an E&O policy may be customized to suit a business’s circumstances. In most cases, this type of insurance can respond to the following incidents or allegations:
Negligence
Errors
Misrepresentation
Omissions
Oversights
Inaccurate professional advice
Missed deadlines
Breach of contract
In response to a lawsuit, E&O coverage can help pay for various legal expenses, including representation, settlements and judgments.