Errors & Omissions insurance (E&O policies), also known as professional liability insurance, is an important safety net for every professional.
There is a cliche that holds a kernel of truth that “to err is human.” Errors and omissions insurance, which includes malpractice insurance, is how responsible professionals protect themselves and their companies from the damage that can occur when mistakes are made.
Errors & Omissions insurance is often purchased by doctors (medical malpractice insurance), lawyers, accountants, architects, engineers, equipment installers, contractors, builders, and a whole host of other professionals and trades people.
Unfortunately, insurance companies often seek to avoid responsibility under this type of insurance, many times without any good faith basis for doing so. Just like the rest of us, insurance companies should stand by their promises and not make excuses to not pay legitimate claims, just because it is profitable to do so.