If you are in the business of managing another person’s or entity’s money in any way, you face a greater risk of an errors and omission lawsuit than most any other professional. Many people invest hundreds of thousands of dollars into money management and investing, and if you or one of your employees makes a mistake—such as investing in the wrong accounts or losing money—you could be held financially liable. Depending on the amount of money lost, this could mean the end of your business. Fortunately, New Jersey errors and omission liability coverage can help soften the financial burden of such a devastating loss.
As a service provider, you should never operate without some kind of E&O liability coverage. E&O insurance can help you cover the cost of everything from attorney fees to litigation and business interruption to slander and libel. For all these reasons, E&O coverage can be one of the best investments you ever make. That said, as a fiduciary, you face a greater risk than most. For you, New Jersey errors and omission liability coverage should be a top priority and not just an afterthought.
If you want to make sure that you have all of your bases covered, work with an insurance agency that specializes in E&O coverage. An agency can help you assess your risks and design a policy that mitigates financial liability.