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Definition: Errors and Omissions Insurance is a form of business insurance which protects companies and individuals from bearing the full cost of (defending against) a claim by a client who holds the firm responsible for an (advisory) service that was provided (or was failed to provide).
E&O is an insurance contract quite similar to the professional liability insurance, although the term E&O is typically used for advice-giving consultants, brokers and lawyers, real estate agents, accountants and insurance agents.
For medical professionals, an E&O insurance is often called "Malpractice Insurance".