Errors and omissions insurance covers all significant costs and payments related to legal expenses incurred during the lawsuit and certain types of damages. However, if the claim against you is filed for a criminal lawsuit, your professional liability policy will not cover the costs involved.
Similarly, there are many types of civil liabilities that may not be covered by your errors and omissions insurance policy unless those explicitly listed in your policy contracts.
- Incorrect advice
- Breach of good faith
- Misrepresentation