Errors & Omissions (Professional Indemnity) - Insurance for Professionals
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Everything you need to know
What is Errors & Omissions Insurance?
E&O insurance pays for legal defence costs, settlements and damages if a client claims your advice, design, or work was wrong, late, or incomplete and caused financial loss. It’s usually written on a claims-made basis (meaning the policy in force when the claim is made matters) and often requires a retroactive date to cover earlier services. It is essential for any business that sells advice, design or professional services.
Why Is This Policy Vital?
Legal fees add up fast – even meritless suits can drain startup funds. E&O covers the bills.
Contracts and clients often require consultants, auditors and vendors to carry E&O.
For tech products, API/uptime mistakes and data errors can cause cascading commercial losses – E&O helps manage those fallout costs.
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Who Needs E&O?
Consultants & Advisory Firms
Advice liability and missed deadlines.
Software, SaaS & Fintech Vendors
Coding/implementation mistakes and downtime.
Architects, Engineers & Designers
Design errors and construction claims.
Accountants & Tax Advisors
Misstatements and missed filings.
Agencies & Marketing Consultants
Faulty strategies, campaign mistakes.
Types / Add-ons Commonly Offered
Retroactive Date / Prior-acts Cover
Covers work done before the policy started, from an agreed date.
Run-off / Discovery Period
After policy expiry.
Cyber-E&O Hybrid
For tech vendors where error causes data loss.
Defence-only Limits
For small consultancies.
What E&O Pays For
Defence Costs
Lawyers, experts.
Settlements & Judgments
Financial settlement coverage.
Regulatory Defence
Where endorsed.
Client's Financial Loss
Compensation for losses caused by your professional error.
Crisis PR & Forensic IT
Optional add-ons.
Arbitration & Mediation Costs
Dispute resolution support.
Breach of Contract
Contractual liability is normally excluded beyond what you would owe without the contract.
Negligent Misstatement or Advice
Professional error coverage.
Inclusions & Exclusions
✓Inclusions
- Negligent acts, errors, omissions in professional services (subject to wording).
- Defence costs and settlements up to policy limit.
- Claims reported during policy period with appropriate retro date.
✗Exclusions
- Fraud, dishonest acts or intentional wrongdoings.
- Criminal fines and contractual penalties unless endorsed.
- Bodily injury / property damage (these are usually under CGL) unless product causes physical harm and wording includes it.
FAQs
In India the terms are often used interchangeably; labels vary by sector (E&O for tech/services, PI for professionals), but the cover intent is similar.
A claims-made policy responds if the claim is made during the policy period (not when the error occurred). Retroactive dates and run-off cover are important.
Yes, especially for SaaS, fintech and consultancies.
Client contracts, correspondence, scope statements, bug reports, and incident logs - plus prompt notification to the insurer.
Not automatically. Some policies offer cyber-E&O combos for when errors cause data loss; pure cyber risks usually need a separate cyber policy.
Yes, policies can include multiple insureds, directors and named parties to avoid coverage gaps.