While theft or fire can be a threat to some companies, most risks come from within. EO insurance in New York can help mitigate one of the most devastating causes of financial loss for organizations – customer complaints that the service they received was in violation of rules and procedures. Here are three reasons why you might want to consider getting EO insurance:
1.Your Legal Costs Will be Covered
Everyone knows attorney fees are expensive. If you’re unfortunate enough to have an angry former client, it might result in your company being sued. With an errors and omissions plan, you can set the amount that will be covered in case you are faced with this situation.
2.It Expands Upon a Commercial General Liability Policy
This popular policy is used by many industries, but may not be applicable during certain kinds of emergencies. EO insurance in New York can help you obtain comprehensive coverage, giving you the peace-of-mind you need to expand your business.
3.It Gives Your Employees Security
It can be demoralizing to inform an employee that a seemingly minor mistake has big consequences. Common mistakes that lead to lawsuits include form errors, miscommunication during meetings and faulty engineering. Getting EO insurance might relieve significant stress for all employees of the organization, no matter their role.
If a former customer claims a violation of your organization’s rules and procedures, it might result in costly legal fees and settlements. EO insurance in New York is helping organizations get the coverage they need to thrive.