When you are shopping for a policy for errors & omissions in Manhattan, you may notice that the agent or broker wants to meet with you or ask questions before offering you a quote. This happens because many factors can affect how much your individual E&O policy will cost.
Specific details about your business can affect how high your premiums are. It all depends on how much of a risk the insurance company considers your business to be. If you have an older, established business in an industry with low risk of large financial losses, your premium may be lower. If, however, you have a new business with many employees in an industry where a mistake can potentially cost the company or customer millions of dollars, your premium will probably be pretty high. Premiums also increase if you have an extensive claims history.
When you are discussing errors & omissions in Manhattan with your agent, tweaking the details of the policy can lower its cost. If you are able to agree to a higher deductible, you may be able to lower your premium. Raising your limits or including a retroactive date clause in your policy may give you better coverage, but the premium is going to be higher.
When it comes to E&O coverage, you get what you pay for. Different factors can raise or lower your premium, but it may be worth the extra cost.