Errors and omissions in New York can be a significant cause of financial strain on companies that don’t have adequate insurance coverage. Errors and omissions insurance is meant to financially protect companies from problems caused by mistakes made during work. These can include legal fees, settlement money for people affected by the error, and other associated costs.
Who Needs Errors and Omissions Coverage?
Any company can benefit from having errors and insurance coverage as part of its insurance portfolio. However, unlike other types of insurance, errors and omissions coverage is not required. The best time to get insured against errors and omissions is before a problem arises, as marks on the company’s record will only cause premiums to increase. Sometimes, contracts with clients will require errors or omissions insurance to be in place for the duration of the partnership or work covered by the contract.
Where Do You Get Errors and Omissions Insurance?
Most insurance agencies that deal with business insurance are able to draft errors and omissions policies. Since the needs of different types of companies vary so much, it is necessary to read a given policy carefully before committing to it.
Errors and omissions in New York don’t have to be a serious problem for your business. With the right insurance policy, you can rest easy when the occasional honest mistake happens.