Update Your Business Insurance with Errors and Omissions Coverage

A good insurance policy includes a plan to cover errors omissions in New York. In the modern litigious business environment, it is unwise to conduct any commerce without this essential protection. There are several common instances when a good policy may keep your business running.

Mistakes On Forms

Highly regulated industries, like real estate or the financial professions, face significant losses when simple clerical error occur. No matter how honest the mistake, your firm is still liable for damages. You should always carry enough business insurance to cover your expected losses against this likely scenario.

Failures to Place Bids

Neglecting to act in time to protect your clients assets can be viewed as a breach of trust. Your E & O policy protects you against losses when a critical moment slips past.

Miscommunication

Words can mean different things to different people. In circumstances concerning transactions of large sums of money, a small misunderstanding can have significant financial consequences. Trusting that the courts will interpret documents in the same way that you do can lead to ruinous costs.
Faulty Designs
Development of new products goes through several quality control stages, but federal recalls are still a fact of business. Even the best efforts to protect the public from faulty designs may not always be enough. Insure you business against the financial liabilities of a missed step along the way. Contact a local insurance agent to review your current policy, and ask about available options for including errors omissions in New York.

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