Businesses that operate within the service-providing industry and work closely with their clients are vulnerable to errors and omissions claims. When companies are sued for failing to offer adequate service or advice, they can use E&O insurance in New York for financial protection.
Why Have E&O Insurance?
Clients seek help from certain companies because they expect them to have extensive knowledge of a particular subject. When companies fail to meet the high expectations of their clients, they face enormous financial losses. Lawsuits involve numerous legal fees and court costs, and businesses place themselves in a precarious position when they fail to acquire insurance. E&O insurance in New York covers a large portion of a business’ legal expenses, making it an essential form of protection to secure.
Who Needs E&O Insurance?
Any business that offers services or expertise to clients should have some form of errors and omissions insurance. Some of the companies that benefit from having this protection include:
- Real estate companies
- Architecture and engineering firms
- Law firms
- Multimedia companies
- Contracting and design firms
- Accounting firms
- Insurance agencies
Relatively few businesses are safe without E&O coverage. A large portion of companies depend on the insurance to survive in their particular field.
Errors and omissions claims are a common occurrence for service-providing businesses. With E&O insurance in New York, these establishments can obtain the proper financial protection.