Errors and omissions insurance, also known as E&O, is insurance that covers attorneys or title agencies in the event a client holds those professionals or groups responsible for failure to deliver results as promised. A New York title agency or attorney who fails to provide the promised results following a certain service can be sued for considerable sums of money. Those who practice law and all title agencies in New York should have this important form of insurance for such errors or omissions.
What E&O Policy Coverage Applies To
E&O policies cover more than most assume. The typical policy covers everything from defense costs to settlements and judgments. Consider an instance in which allegations of wrongdoing or negligence are determined to be flimsy. Such instances are more common than most expect. The problem with defending against frivolous lawsuits is that the legal costs add up. It can cost several thousands of dollars to defend against a single claim. Errors and omissions insurance in New York covers legal defense fees so the threat of litigation does not cause the business to go under or suffer other financial losses without just cause.
Why Attorney Errors and Omissions Insurance in New York is Important
Everyone makes mistakes at one point or another. Even those top staff members at your New York law office or title agency will make an omission or error. Some of these mistakes will cause clients to suffer financial losses. If you have a solid attorney errors and omissions insurance in place for your New York business, you won’t lose any sleep over potential lawsuits stemming from employee mistakes.
In a nutshell, E&O coverage extends considerable protection in the event an omission or error causes a client to endure a financial loss. Just about everyone who provides a service to a client for a fee has considerable E&O exposure. Everyone from New York attorneys to title agencies should have an E&O policy in place at all times. Otherwise, the business owner has the potential to lose everything when paying legal defense fees, settlements, and judgments.
When to Purchase E&O Insurance
Like any form of insurance, the optimal time to buy a policy is prior to taking the risk. E&O even serves as a selling point with current and potential clients. So do not delay. Secure your attorney errors and omissions insurance policy today and you will enjoy an invaluable peace of mind.
Contact us at 727-799-4321 or 727-799-9840 to save up to 40% of your professional liability insurance.