What is this? errors and omissions insurance is the type of insurance cover that professionals take to cover against mistakes that may cause financial harm to another party. This is the kind of insurance cover that an insurance broker or a freelance accountant would take. Such errors as they would make could prove to be very costly to their clients and a lawsuit would definitely follow. This kind of cover will insulate one from facing the cost of the lawsuits that would be sure to follow the professional mistakes. It is taken separately, from the more common general insurance covers for business. This cover takes care of a professional liability claim against a company.