When you own a business, it can sometimes seem like the threats you face on a daily basis can be endless. This is especially true if you work within industries like accounting, construction contracting, real estate and other markets that have high risk when it comes to satisfying customers and keeping them and their assets safe from harm. Unfortunately, traditional business insurance doesn’t usually cover these risks. This is why it may be necessary for you to invest in New York E&O insurance to keep your company’s finances safe from lawsuits. Some of the issues this coverage shelters you from are:
- Legal costs associated with substantial loss or injury of a client or customer in the event that someone in your business neglects their duties or fails to pass on necessary information.
- The loss of important and reliable employees when retirement time comes around, until you’re able to hire and train a replacement.
- Faulty design or various miscommunications that negatively impact other parties who are working alongside your business.
Of course, it’s always important to note that different providers offer different coverage options, so it’s imperative to talk to a representative of your provider of choice to discuss your risks and what options they might have to provide coverage for them. Once you’ve done this, you’ll be well on the way to keeping yourself protected with New York E&O from these 3 overwhelming threats and many more.