If your insurance agency ever faces a lawsuit, which is fairly likely to happen at some point, you don’t want to deal with it alone. Lawsuits can be extremely expensive right from the start, especially if they are not resolved quickly. An errors and omissions insurance policy protects your company and employees from the financial burden that a lawsuit can bring. Without one, you are left to pay for any resulting costs from a lawsuit yourself, including legal fees, court expenses, and any money that you might need to pay out to the complainant.