The time to obtain professional liability insurance or errors and omission (E&O) insurance is long before you need it. Should the benefits and services of such a policy be required, you may be under excessive stress during the difficult circumstances of a lawsuit, mediator demands, or settlement pressures. Having the policy in place before it is necessary will ensure you and your company’s needs are met should the time come that protection is required. Obtaining a New York E&O can address your needs before it is too late.
No matter which type of company you own, if you provide a professional service or skill to the public, you may be at risk of a lawsuit. Travel agencies, plumbers, computer programmers, and accountants are all at risk; not just the doctors, lawyers, and accountant you often hear about. The quality of work you provide is subjective, as are the “fulfillment of contract” terms, as many contractors know. Some people are more difficult to satisfy than others; hence the randomness of professional lawsuits.
E&O insurance can cover claims due to negligent acts, failure to provide a level of service expected, and even misunderstandings over advice given or not given. In other words, if you provide advice or services to others, you should get a New York E&O insurance policy long before you need it.