As a business owner, you need to make sure your company is completely protected against all risks. An errors & omission policy, commonly referred to as a professional liability policy, may help. In order to better understand if your company might need this coverage, you need to look at the benefits of NJ errors & omissions provides:
- Protects Services and Products: If your business provides a professional service, such as legal advice or financial guidance, you may be liable for any financial loss suffered by your client due to a mistake or omission. If your company builds decks or sells handbags, you could be liable for any injuries that occur due to the products. When you get a NJ errors & omissions, you are protecting your business and the services and products you offer.
- Pays Judgments and Settlements: When financial loss is suffered or an injury takes place, your client may choose to sue your business. An E&O policy may pay any judgments and settlements made against you. However, this coverage may have a maximum amount that will be paid out.
- Provides Legal Defense: During these legal proceedings, you may require legal defense. This service can get expensive, but with a NJ errors & omissions policy, at least part of your legal fees may be covered.
If you want to make sure your business is completely covered against financial risk, you need to get a NJ errors & omissions policy.