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contracts, cya, errors and omissions coverage, human error, insurance, liability in Operations
contracts, cya, errors and omissions coverage, human error, insurance, liability in Operations Knowledgebase
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Entries in contracts (1)
Errors & Omissions Insurance
Tue, September 14, 2010 at 11:02PM Errors & omissions (E&O) is a type of insurance coverage designed to cover for human failures. Rather than other coverages which are designed primarily to protect you and your business or organization from outside forces, like weather and theft, E&O coverage makes sure that mistakes you or your team make which adversely impact your clients are covered for. For example, if an event-oriented company, like an ice sculpture service, had an error in their contract and mistook the delivery time of a sculpture, properly-configured E&O coverage could refund the client.