Errors and Omissions Insurance

Definition

• A form of professional liability insurance that protects professionals, most commonly consultants, agents and brokers, from liability resulting from errors and/or omissions made during the course of their work. Also known as "professional indemnity insurance (PII)" or "Malpractice Insurance."

Synonyms
professional indemnity insurance, professional liability insurance, e&o insurance

Related Terms and Acronyms

• Burden of Proof (BOP) — Acronym,
  • The legal requirement to provide enough evidence to win a lawsuit. In civil cases, such as tax court, the burden is decided by the preponderance -- the most -- evidence. Except in cases of tax fraud, the burden of proof in a tax case generally is on the taxpayer.
• Causation — Definition,
  • A method of connecting an entity's conduct with an effect, which in some cases can prove legal liability.
• Defendant — Definition,
  • The accused party in a lawsuit or criminal trial.
• Indemnity Insurance — Definition,
  • A class of insurance that covers liability for damages, which includes insurance types such as malpractice insurance and errors and omissions insurance.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Judgement — Definition,
  • A determination by a court of law or a judicial decision.
• Lawsuit — Definition,
  • A suit brought before a court in order to remedy an alleged injustice.
• Malpractice — Definition,
  • Negligent acts done by a professional that causes injury to a plaintiff.
• Malpractice Insurance — Definition,
  • Insurance that covers professionals from liability due to their own negligence or intentional harm.
• Plaintiff — Definition,
  • The party who initiates a lawsuit.
• Professional Liability Insurance (PLI) — Acronym, Very Important,
  • Insurance that covers professionals for liabilities occurring due to negligence or harm in a product or service they provide.
• Settlement — Definition,
  • An agreement between the parties of a legal case.
• Tort — Definition,
  • An act that causes harm or loss.
• Tort Law — Definition,
  • Civil law or the laws that govern civil lawsuits.
• Tortfeasor — Definition,
  • A party who commits a tort (a civil wrong).