What Type of Businesses Need a New York E&O Policy?

What Type of Businesses Need a New York E&O Policy?

New York E&O

Errors and omissions coverage, commonly referred to as E&O or professional liability insurance, helps protect your business against any legal actions that may be taken as a result of an employee’s error or omission. There are a lot of different kinds of companies that might benefit from a New York E&O:

  • Contractors: Anyone who builds structures, makes repairs to homes or businesses or provides handyman services may want to get an E&O. If electrical work is done incorrectly, the customer could sue the electrician for the damages done to the building. Plumbers, sheet metal workers, auto mechanics, HVAC installers and anyone in the building trades may benefit.
  • Professional Services: Lawyers, accountants, printers, consultants and anyone who provides a service for a fee could benefit from this insurance policy. If an investment banker makes the wrong trade due to a miscommunication, the client may sue for the financial loss incurred.
  • Retailers: Even those who sell products, like clothing stores, electronic shops, cafes and novelty shops, may benefit from a New York E&O policy. If a product is shipped to the wrong address, your business may be liable.

If your business provides a service or product to customers or clients, you may want to look at a New York E&O policy to make sure your company is completely covered.