It is important for every business to understand the limits of their commercial general liability insurance policy. Many assume a one-size-fits-all and do not discover the limits of their protection until a liability issue occurs. One such limitation is the common exclusion for professional services. This can include New York E&O errors in documentation that lead to personal injury, damage to property, or business damages. Those businesses that are hit with this liability without sufficient coverage must pay the damages out of pocket.
Exposures Vary By Profession
Even a general E&O policy may not be appropriate for every business. For instance, a supply house that only deals with documentation regarding specifications and delivery will enjoy much less exposure than a patent attorney, whose complete work output consists of important documentation. For this reason, it is important for each business owner to get the protection that matches his or her profession. A good strategy is to contact an agent with specific E&O experience, who can offer the best advice on the proper policy.
Take This Policy Seriously
Many consider this policy a “rider”, and not as important as the main general liability policy. Oftentimes, just the opposite is true. A simple typo in a key word or a critical value can cause havoc. The proper New York E&O policy can protect against this type of liability.