No matter what industry you work in, you are most likely confident in your product and service. While it’s great to have confidence that you can perform a service correctly and with reliability, you don’t want to be overconfident. Here is why you still need errors omissions in Manhattan.
Risks Covered By Errors & Omissions Insurance
You need to think about two different risks when it comes to E&O insurance. These risks include:
A client suffers a financial loss due to a failure of you or your staff’s service. Likewise, if you manufacture a product, it may refer to this as well.
A client suffers a financial loss due to an error, omission or act committed while services were being carried out.
These risks tend to come from three different places. One is regular error. Everyone makes mistakes, after all, even the most professional. Next, it may be a dissatisfied customer. This happens from time to time, where you end up on the wrong end of a claim because of an angry client. Last is a misstep in risk management.
When it comes to errors omissions in Manhattan, it’s important to consider the risks that your company faces. Remember that no company or employee is perfect and that you should be protected against mistakes.