What Should Your E&O Policy Include?

Errors & Omissions (E&O) insurance is a must for professionals who want to protect their firms from claims based on mistakes or omissions that result in damage to clients. When choosing a policy, it is important to consult an insurance professional who can make a comprehensive risk assessment and help you obtain the coverage that will offer you maximum protection.

Flexibility and Options

Typically, most Errors & Omissions policies will provide coverage for legal expenses, judgment amounts and settlements for claims that arise based on allegations of a mistake or omission by the professional firm. Some insurers offer options for extending coverage to prior acts, or coverage that will continue to operate when you are retired. There is also an option that twill allow your policy to begin covering your legal bills from the beginning of a claim, saving you from potentially extensive out-of-pocket spending. Another possible add-on is an extended reporting period, which gives you greater flexibility.

Address Your Individual Risks

Just as professions and firms can differ greatly, New York E&O policies are not one-size-fits-all. If you want to receive comprehensive coverage that addresses your specific needs, it is essential to consult a qualified insurance professional. Choose an insurance provider who offers a wide range of options and will work with you to ensure that your policy is tailor-made for you.

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