Mistakes happen. No matter how diligent you are or how many safeguards your company has to protect against mistakes, things don’t always go according to plan. While it’s understandable, you can’t expect clients to suffer due to a company’s error. NJ errors & omissions (E&O) coverage helps protect businesses and their clients when mistakes occur.
Which E&O Insurance Involves
E&O coverage is a liability coverage that pays legal fees and damages when a client files suit against a business. Errors that might fall under this type of insurance are as follows:
- A home not being what was promised by real estate agents
- A financial advisor’s misguided projection
- An attorney fails to file paperwork on time
Which Businesses Benefit from E&O Insurance
Errors & omissions policies benefit a wide variety of businesses. Here are a few of those businesses:
- Real estate agents
- Financial Advisors
Businesses that need this type of coverage the most are those that handle a client’s finances. If an error in any of your company’s services could result in a financial loss then you absolutely need E&O coverage.
Every business that deals with clients, particularly those who are at a significant risk, should consider NJ errors & omissions (E&O) coverage. Not only does it protect your company, but also it protects the client.