No matter the type of industry you work in, be it real estate, engineering, law or accounting, to name a few, you want your business to be properly covered. In NJ, errors and omissions insurance (E&O) serves to protect businesses from the legal action that might result from the mistakes that even the best employees can make.
Professional Services Need to Be Covered
Even with a commercial general liability policy in place, your firm might not be adequately covered because these types of policies often do not cover professional services. If you do not have an E&O policy in place, any legal action that results from injuries or property damage caused by errors and omissions on the part of your business must be paid for out-of-pocket. This includes any damage awards or out-of-court settlements. An E&O policy can cover these costs up to the limits of the policy, potentially saving your business from financial ruin.
It is important to remember that every industry offers different professional services, which is why in NJ, errors and omissions insurance needs to be crafted to match the needs of the individual firm. With the help of a trained E&O insurance specialist, your firm can get the policy it needs and turn its focus back to being the best.