E&O is one kind of individual or business liability insurance that can bail out a company or a person in situations where they are being sued for malpractice. Among the professionals that avail the service of this kind of insurance are insurance agents, architects, real-estate agents, physicians and lawyers.  An omission or an error mistake can land a company or a person in severe financial trouble and in the worst cases, may cause them to lose all their financial assets. However, having a prior errors and omissions insurance will save them from an impending ruin as the high costs like hiring a defense attorney and other will be borne by the insurance company. Obtaining this kind of coverage along with other insurance policies is thus important for any business or individual.