E & O Insurance Syracuse New York
Errors & Omissions Insurance coverage is a form of specialty business insurance that can be tailored to suit your specific business. This type of policy provides a special type of liability coverage that best suits the industry and employees of your business. In most cases, Errors & Omissions coverage can be tailored to cover the risks and exposures that your particular business can face.
What is Error and Omission Insurance?
Errors and Omissions insurance is a type of indemnity protection for businesses to cover the failure and negligence of your products and services and results in a financial loss for your clients. Companies of all sizes and types are exposed to risks that can potentially put you out of business. If a client alleges that an error or an omission was made regarding their account and they suffered a financial loss, you may be served with a lawsuit.
Who would need Error and Omission Insurance protection?
Professional services of all types require insurance protection. If you own a business that provides any type of advice or professional opinion (i.e. doctors and lawyers), then it is extremely important for you to have Errors & Omissions coverage along with your business insurance. Errors & Omissions insurance that protects you from just that: errors and omissions caused by your employees. This type of policy covers most costs and claims that may occur because of errors caused by employees, failure to complete/perform work promised within a contract, etc. It’s important to consider all the risks to your business and all possible errors, omissions, and mistakes that can be made by professionals in your field.
A company that chooses not to purchase E&O coverage is taking a serious financial risk. These types of losses are not covered under a general liability policy, and even if you aren’t at fault, litigation is both time-consuming and expensive. As with any insurance, the best time to buy an E&O policy is before the risk is taken. Customers will also feel secure knowing that if an error occurs, they will be compensated.
If you’re in any business where you provide a service to a client for a fee, you’re subject to E&O exposure. Even with the best employees and the best risk management, there is room for human error. No one is perfect; Donigan Insurance understands this. Contact us today for more information and fill out our free quote form!
A New York Insurance Agency offering Errors and Omissions Insurance policies in Syracuse,
Rochester, Buffalo, and Albany New York.