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Employment Practices insurance, also referred to as Professional Liability or E&O insurance, protects businesses in the event that a customer claims an error or omission has caused them a financial loss.
Most E&O policies cover judgments, settlements and defense costs. Even if the allegations are found to be groundless, thousands of dollars may be needed to defend the lawsuit. They can bankrupt a smaller company or individual and have a lasting effect on the bottom line of larger companies.