All business should determine whether they have sufficient E&O coverage. Most businesses require some type of coverage. Any businesses that deal with contracts, particularly those that originate said contracts, require protection. Those firms that generate business / legal documents as part of their work output depend on proper New York E&O coverage. These can include real estate agents, contractors, attorneys, engineers, architects, and many other disciplines.
The Pareto Principle
A popular method of quality control involves the Pareto Principle. This involves the 80-20 rule, which in general context means that the final 20% of a project requires 80% of the effort. This rule applies to documents as well. Although the majority of most documents are correct, serious errors tend to occur in the last 20%. This happens because of human error, often resulting from the tediousness of checking for mistakes. Most firms find that E&O insurance is much more cost-effective than assigning resources to find that last mistake.
The Finger in the Dam
A famous fable tells of a young boy who plugs a hole in a dam with his finger, saving his entire town. The liability from a missed mistake can be like the small hole in the dam. With proper New York E&O protection, you can save your company from a financial dam burst. Contact your local insurance agent for more details about this important coverage.