Whether you are an accountant or lawyer, having coverage for errors and omissions in NJ can be legally required to continue practicing and can save you from costly damages you may be liable for. This type of insurance helps cover those who give advice for a living and can cover everything from mistakes to inexperience which leads to your clients being found liable for damages you did not expect. These clients can sue you for the damages in civil court and a judge may decide that the costs are your liability because of an error or omission on your part. With the right insurance coverage, the damages you are found liable for will be paid by the insurance company instead of by your slim profit margin.
Coverage for Errors and Omissions in NJ can be found through experienced agencies. These agents can sit down with you to go over the types of insurance you need based on the risks you face to help design the right plan for your situation. Sometimes, these agents can even help you reduce your risks and lower your premiums to better keep you, and your practice, safe from damages. Your insurance agent can also help you determine what your legal minimum for insurance is based on where you practice.