Does Your Business Need Errors and Omissions Insurance?

Does Your Business Need Errors and Omissions Insurance?

eo insurance new york

If you’ve already invested in personal liability insurance, umbrella coverage, auto insurance and even property insurance for your business, you may think that you have all your bases covered and that eo insurance in New York is simply an unnecessary expense. However, there are actually a few reasons why you may still need these services in order to keep your business protected in the years to come from threats caused by oversights or neglect that result in losses or serious injuries for your clients. You may need this type of coverage if:

You have a pre-made liability plan. Unfortunately, these only cover a select number of issues, leaving you vulnerable to other accidents, for which you’d need to pay out of pocket.

You lack the funds to pay for proper legal representation in the event of an accident. Most eo insurance plans pay for legal fees, some even from the very beginning of the process.
You have valuable employees who are getting ready to retire. Some EO coverage plans will compensate you until you’re able to fill the position and complete your team again.

If any of these points apply to your current situation, it may be time to look into investing in eo insurance in New York. Speaking with a professional can help you better understand how this will benefit your business in the years to come.