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Errors & Omissions Insurance is an inevitable part of insurance coverage for professionals and businesses because you need to protect your business against claims against work performance.
You need an E&O Policy if you are a/an:
- Event management Company
- Wedding Planner
Every professional and company is likely to make a professional mistake in their line of work. Although unintentional, a client is going to sue you for his loss of time and money. Sometimes, you are getting sued for things that were not in your control but you are still expected to compensate the other party or fight your case in a court. This is where New Jersey E & O Insurance can help you to save your time and money.
This coverage can be very expensive sometimes. For example if an event planner book the venue on the wrong date where everyone except for the guests show up, the event planner has to compensate the property owners and workers. Failing to compensate your business partners this way is essential to maintain your business reputation and clients. When a client comes to know about the number of lawsuits you are going through or when someone badmouths about you, you are running the risk of losing a client.
Without E&O Insurance, you are running the risk of losing business and spoiling your business reputation.
GET PROTECTED AS SOON AS YOU CAN!
Like most insurances, an E&O Policy makes perfect sense when you take preventive measures against damages rather than waiting for a mishap and deciding to protect you from the second one. A single mishap can cost you a fortune wherein you can protect your business with a reasonable premium of coverage.
Keep in mind that Error and Omission Insurance is the best product but you need to be careful about the terms and conditions of different companies. StreetSmart Insurance Agency can help you to buy a good policy that can work for your business. What works for a doctor may not work for a wedding planner because different insurance companies have their own terms and conditions that are suitable for certain businesses but not all.
WHAT DOES ERRORS & OMISSIONS INSURANCE TYPICALLY COVER?
Coverage is always needed by a professional service when a client or customer sued the service for not providing professional service, or if the service provided is below the expected standard of the profession.
It doesn’t matter whether it’s your fault or not, different people perceive professional service in different ways, under which it becomes difficult to satisfy every thought. Running a professional service is just like a business in which you need to keep yourself protected in the first place. If you have a good insurance policy that can keep you away from such kind of typical allegations, you can concentrate more on your service than worrying about financial commitments and reputation loss.
Here are a few exclusions of New Jersey E&O Insurance:
- Any deliberate, fraudulent or criminal activities done to the business.
- Body injury or property damage.
- Any warranty or guarantee.
- Any services rendered by a director or the officer of the company.
- Any liability for workers compensation.
- Disciplinary damages.
- Claims that rises from previously known but not disclosed errors.
- Claims that are related to the person who has filed a case.
- Services rendered as a government official.
Although, you can never find a standardized E & O Insurance policy, you have to go for an insurance policy that covers the professional, his family, employees and his business from damages that come from not rendering professional services.
For professionals like real estate agent, lawyers and accountants, the ‘damage’ usually means loss of money for the professional’s client because he relied on the professional’s work. For medical professionals, damages can be any body injury or property damage. Nevertheless, any damages resulting from failing to provide professional services can be sued for, and an insurance policy is the only way to stay away from financial commitments.
Error & Omission Insurance policies differ from company to company and are written to reflect any risk or common exposure to a particular type of business.
WHY CONTACT A PROFESSIONAL INSURANCE AGENCY?
As a professional service, you know the kind of risk that can come to your business and no insurance policy can standardize these damages. Contacting a professional insurance agency is the best way that you can customize your insurance policy according to the risk associated with your profession.
You need to make sure that your profession or professional service is not interrupted just because an unhappy customer files a case against you. Your insurance policy should be able to kick in at the right time and save you from financial commitments, and let you be in peace.
It doesn’t matter whether it’s your fault or not, taking up an E & O Insurance policy is always a safer way to ensure that your professional service would not be disrupted. Also, an insurance policy is the best way to manage your reputation and resolve issues quickly without spreading the word.
HOW CAN STREETSMART INSURANCE AGENCY HELP YOU?
At StreetSmart Insurance Agency, we make sure that you get the best Error & Omission Insurance coverage policy that has been customized according to the risk of your business. Unlike other insurance agency, we do not believe in complicated terms and conditions, but try our best to simplify our coverage so that you know that your insurance will back you up in any kind of unseen financial circumstances.
All you need to do is to just fill up an online application form and we will get back to you with the best quote possible out there. We do not believe in hidden charges, but bring you the most affordable insurance policy to keep you at peace.