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Certificate of Liability insurance
Errors and Omissions Insurance (also called Professional Liability Insurance)
is a type of coverage that lets you operate your business without worrying that an unexpected lawsuit will force you to drain your business or personal assets. E & O benefits come to the rescue when a client claims that work you're responsible
for (such as programming, software installation, networking, etc.) includes mistakes or oversights that caused them a direct financial loss.
Those benefits take the form of payments to reimburse you for certain expenses associated with defending yourself in a lawsuit, including…
The kind of work you do and the type of clients you serve are two major factors that affect how high your Errors and Omissions policy limit should be. If you work with larger companies, it's usually a good idea to have a higher E&O limit. Why?
Because a mistake that prevents a large company from operating (even for a day) could cause a much greater financial loss than one that prevents a sole proprietor from operating, and you'll want a policy that can compensate these losses.
Next: Why Do IT Professionals Need E and O Insurance?