Insurance brokers speak to a wide variety of clients and potential clients on a daily basis about the risks involved in running a business. Most professionals operating in the New York area, such as lawyers, are open to a multitude of risks and exposures, even from something as simple as a phone call.
Suppose that as an attorney, you advise a client to take a course of action that ends up being a costly mistake. That client could decide to sue for damages and may likely win their case against you. Without proof that there wasn’t any wrongdoing on your part, you would have to pay a settlement, and without a policy that covers any errors or omissions in Manhattan, this could result in a financial disaster for your firm.
Common claims against lawyers
Other areas of errors and omission (E&O) include misrepresentation, late or missed filings, lack of consistency in services provided, or lack of contact, all of which can be cited as reasons for bringing a suit against your company. Doctors, tax consultants, even architects face similar issues. The exposures are real and the costs can be extremely high. Having a solid foundation of E & O insurance can greatly protect your business from these costly lawsuits that you might incur should allegations of failure to perform professional services come to light.
A lack of uniform practices and procedures may further hinder or complicate the issue. That is why, as an added precaution, a procedures manual outlining and detailing the proper way to handle particular situations can go a long way to preventing careless errors from occurring, not to mention the possibility that a lack of proper judgment by those handling clients needs can also be a concern.
Mistakes can happen when working with others in your department, plus there may be unscrupulous competitors, who often go looking for any signs of misappropriation by an agency or its representatives, that may try to make things difficult for you. Don’t be victimized by your own mistakes. Get affordable protection against errors and omissions in Manhattan. Buying this policy just might make a difference in your overall success.