You may be a successful architect or real estate professional, a building contractor or an engineer, but your company may not be adequately covered for the disaster you didn’t see coming, a dilemma caused by a mistake that cropped up during the ordinary course of business. When you have EO insurance in New York, however, you have welcome protection for weathering the unexpected.
Protection for You and Your Business
You may have done much to make sure that your employees are well trained and follow the procedures you’ve established. Yet mistakes will still happen and unfortunately, some might result in financial loss or injury to a client. The issue might be as simple as an error made on a form or failure to place a bid properly. When you have EO insurance in New York, you will be covered for many situations, such as neglect of duty or a failure to provide information.
You Have the EO Advantage
With an errors and omissions liability policy in place, you will have protection up to the limits set forth for professional services that a commercial general liability policy does not cover:
- Damage awards
- Out-of-court settlements
- Legal expenses
For special circumstances, some policies provide what’s known as prior-acts coverage as well as extended reporting period coverage. Others provide “first-dollar defense,” whereby your legal bills are covered starting at the beginning of a claim.