Errors and omissions insurance covers professionals for just what it says: if they make a mistake or forget something in the course of doing business. Since there are so many potential mistakes or missing components that can result while providing services to a client, covering for errors omissions in New York is a crucial insurance protection in a wide range of professional industries.
When considering whether you need E&O coverage, think about the potential risks you are exposed to in terms of making technical mistakes while conducting your particular service, and the potential for damages to your client as a result of leaving something out. For example, if you work in the real estate sector, you are required to provide your clients with the information they need to make an informed decision about their property purchase. Forgetting a step in the process or making a mistake on the paperwork could result in financial damage to your clients or a claim against you for negligence in carrying out your work. The same is true for many other professionals: attorneys, accountants, engineers, architects, design professionals. If you’re providing a service, you may need this type of coverage.
Risking a lawsuit due to a human error is a chance that a skilled professional shouldn’t take. Speaking to an insurance professional can be a good first step in determining whether or not errors omissions in New York is right for you.