For some businesses, errors and omissions insurance constitutes an essential part of their financial security. When they upset clients and have claims filed against them, businesses can use E&O insurance in New Jersey for protection.
What the Insurance Covers
In general, errors and omissions insurance provides protection in the event businesses are sued for negligence or failing to perform professional services. Some of the most commons types of claims covered by the insurance include:
- Personal injury
- Property damage
- Alleged negligence
- Failure to provide accurate advice
- Poor or incomplete work
If taken to court, businesses can rely on E&O insurance in New Jersey to cover their various legal expenses. While the coverage is broad, it does not provide protection in all situations. Business owners should discuss their options with an insurance agency to fashion a comprehensive insurance policy.
Who Needs the Insurance
Businesses that provide services to clients are most vulnerable to professional liability claims. Establishments ranging from law firms to multimedia companies should have some form of errors and omissions insurance. With no way of knowing when claims will surface, business owners are advised to have financial protection at all times.
Business owners that have yet to acquire E&O insurance for their establishments should speak with an agent immediately. Insurance agencies offer their clients comprehensive and affordable policies and help them protect their financial assets.