"Errors and Omissions" refers to a type of insurance that protects professionals from claims arising due to mistakes or negligence in their work. This coverage is essential for service providers like consultants, lawyers, and accountants, as it helps cover legal costs and damages if a client alleges that they were harmed by an error or oversight. This insurance is crucial in industries where advice or services are provided, as even minor mistakes can lead to significant financial losses for clients. By having "Errors and Omissions" insurance, professionals can safeguard their business and maintain their reputation while ensuring they can address any claims that may arise.