If you are a professional in New York who runs your own business or works as a consultant or broker, you should consider purchasing professional liability insurance, also called errors and omissions insurance, to protect the financial investment you have in your business. New York E&O insurance can provide coverage against claims and lawsuits due to error, omission, and other negligence risks. Even if you work on an individual basis, you could be served with a lawsuit which could potentially ruin your reputation and financial standing. If your business has employees, you might be responsible not only for your own errors or omissions but the negligent actions your employees take on behalf of your company.
Professional liability insurance can often be customized to the industry and size of your company. Each industry can face unique obligations and contractual agreements which can put businesses in that industry at risk for different types of errors or acts of negligence. Even in the event of a lawsuit where your company is not found liable, errors and omissions insurance may be able to cover the whole cost of your legal defense and other court costs. Investing in New York E&O insurance whether your work for yourself or own a company can be a wise investment in the long-term success and financial stability of your business.