Companies can implement best practices and train their employees with the top methods in the industry, and still make mistakes. New Jersey errors and omission liability policies protect a business from claims launched as a result of mistakes made during contracted or agreed upon work that causes severe injury or significant financial loss to the client.
E&O insurance is appropriate for a range of industries from accountants and architects to real estate agents and building contractors, to name just a few. The mistakes that generate claims range from those that appear catastrophic to small errors discovered after the fact. Failure to place bids and faulty designs can have long-term adverse effects. Forms filled out incorrectly, and miscommunication can result in severe short-term difficulties. Policies can also cover duty neglect and failure to inform.
A single mistake can change the financial health and overall course of the company. New Jersey errors and omission liability policies can help you protect yourself and your employees when claims are filed and defend yourself against the crippling costs that may result. Professions differ in the services they provide. The risk exposure and degree vary as well. An experienced insurance broker can identify coverage gaps and design a program that addresses and manages your firm’s risks.