Errors and omissions in New York can be a significant cause of financial harm to businesses that are not covered by adequate errors and omissions insurance. This insurance protects companies in the event that a client or employee decides to bring a legal suit against them for damages caused by mistakes made during the course of normal business. But what, exactly, does errors and omissions insurance cover?
What Is Covered?
Mistakes covered by errors and omissions insurance are generally those associated with employee negligence, whether they are proven or alleged. /other issues associated with mental or emotional injury or distress to the party bringing the claim against the company is also covered. This includes things like libel and slander, as well as copyright infringement claims. Most policies cover claims brought from new errors and omissions as well as mistakes made in the past.
What Is Not Covered?
Most errors and omissions insurance policies do not cover claims related to physical injury or property damaged caused by a mistake. Also not covered are instances of fraud or deliberately malicious acts caused by an employee or the company as a whole. Things like false advertising and product recalls are also generally not covered.
Protect yourself from errors and omissions in New York. Make sure you get adequate coverage for your business to protect your investment from unfortunate mistakes in the workplace.