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, e&o insurance, professional liability 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).
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage