Experts Beware: Why E&O Insurance Is a Must for These Professions

Of all the insurance policies that industry professionals in New Jersey carry, errors and omissions is among the most important. NJ errors & omissions protects individuals from liabilities unique to their line of work and that other types of insurance do not cover. Without it, they could lose their businesses and professional licenses due to simple mistakes.

Types of NJ Errors & Omissions

Unless they have sought advice from a qualified insurance agent, many people do not realize they need additional coverage beyond simple liability. However, professionals from a wide range of industries stand to benefit from NJ errors & omissions insurance. Here are just a few examples of them:

  • Transportation sector employees
  • Architects and engineers
  • Design and build contractors
  • Attorneys
  • Accountants

Protection from making mistakes is not just for the inexperienced. No one is perfect, and even experts in their fields can accidentally commit errors similar to the following:

  • Creating shipping delays
  • Failing to place a bid
  • Miscommunicating through faulty wording or wrong addresses
  • Transposing words on a form
  • Misquoting charges

A company’s general commercial liability policy will not cover services that a professional performs. Therefore, anyone with a professional certification is especially liable for mistakes and needs NJ errors & omissions insurance.

Importance of Professional Insurance

The purpose of holding a policy is to mitigate financial loss and liability from errors and omissions in NJ. Even a mistake that does not cause serious bodily harm or significant financial loss can result in lawsuits. The pursuant legal proceedings can cost thousands of dollars in legal fees and damages and tarnish a business’s reputation. For professionals, it sometimes means losing a certificate or license.

E&O works with other policies, such as general liability, workers’ compensation, and cargo liability, to create a blanket of protection when things go wrong. It should be part of any professional’s insurance risk mitigation strategy, especially in lawsuit-prone industries such as transportation.

Help From Provident Protection Plus

Provident Protection Plus tailors NJ errors and omissions coverage for each company they do business with. When writing a policy, our agents take into consideration the type of industry and the unique risks it faces. They will add more coverage where the company needs it most to cover potential medical expenses, damage awards, and settlements.

Provident Protection Plus insurance can protect from mistakes that might have occurred before an employee’s tenure at a company with prior acts coverage. It can even safeguard professionals after they retire through extended reporting period coverage. An insurance agent will discuss these E&O options and more.

NJ Errors & Omissions for All Professionals

E&O insurance is one of the most essential types of coverage a professional in any industry can have. Instead of relying on their employers for liability coverage, they should realize that safeguarding their careers requires purchasing adequate protection in case something goes wrong.

Agents at Provident Protection Plus can explain more about the benefits of NJ errors & omissions insurance. They will also answer any questions and provide a quote for a policy customized to your line of work. Call today!

About Provident Protection Plus

For more than 65 years, Provident Protection Plus has served businesses and residents across several states nationwide. Today, we are a wholly owned subsidiary of Provident Bank, the region’s premier banking institution. To learn more about our coverage options, contact our specialists today at (888) 990-0526.