Errors and Omissions Insurance in the New York City Arear
As a business, providing high-quality and reliable services to clients and customers is a common aspiration that can lead to lucrative and rewarding results. However, all organizations may eventually experience shortcomings regardless of their experience level or diligence. Even a single mistake, momentary lapse in attention or slight miscalculation could significantly impact your clients, which may lead to dire financial ramifications for your own business. Given these stakes, adequate loss control measures, such as an errors and omissions (E&O) insurance policy, may be essential.
What Is E&O Insurance?
Also known as professional liability insurance, E&O insurance provides a versatile financial safety net for your organization regarding potential mishaps in the services, guidance or advice it delivers. Like many types of insurance, E&O policies can be purchased from an insurance company, and as long as you continue to pay your regular (e.g., monthly) premiums, you can retain access to financial assistance that can limit out-of-pocket losses following an accident or error.
What Does E&O Insurance Cover?
As its name suggests, E&O insurance focuses on providing financial protection from the consequences of professional mistakes. Although the exact details, capabilities and limitations of your organization’s policy may be customizable, E&O coverage typically can provide financial assistance in response to the following accusations:
- Professional errors
- Incorrect advice
- Missed deadlines
Why Do You Need E&O Insurance?
In some cases, E&O insurance may be legally required. For example, many states require medical professionals to carry minimum levels of coverage. Even if not required, an E&O policy should be considered an essential loss control measure for any professional or organization providing professional services or advice to clients. Lacking adequate coverage could put your company’s financial wellness and future prospects in jeopardy, as even a single incident could have irreparable ramifications.
Get the Right Coverage
Paris Kirwan Associates have served the New York City areas for over 90 years. Our dedicated agents will use this extensive knowledge and experience to assess your E&O coverage needs and procure optimal policies that provide robust financial security. Contact us today to learn more or get a personalized quote.