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Professional liability insurance, also commonly referred to as Errors and Omissions Insurance (E&O), from Donnelly and Sproul protects you or your business in the event that a lawsuit is brought against you for negligence, even if you weren’t responsible for the mistake. In other words, it protects professionals when making mistakes as part of the services they provide.
Businesses in Glen Rock and throughout New Jersey should carefully consider this coverage if they:
It helps protect professional service-providing individuals and companies from having to bear the entire cost burden of defending themselves or their company from a client-originating negligence suit. It also helps cover damages awarded against them in a lawsuit. In some cases, even if the lawsuit ends up as groundless, this coverage provides protection.
In some professional fields it is. For example, in the legal and medical fields, it is required by law. Depending on the profession or industry, this type of insurance may be labeled with a different name. It is commonly referred to as medical malpractice in the medical industry. On the other hand, it is typically referred to as Errors and Omissions insurance, or E&O, for consultants, brokers, and lawyers.
But physicians and attorneys aren’t the only ones that benefit from this type of liability insurance. In fact, there are many other types of professions that invest in this important insurance.
Here are just some of the professions where this type of protection is highly recommended:
With the increasing costs and potentially significant financial consequences resulting from a professional liability lawsuit, it is more important than ever for professionals and small businesses who render services to be protected with this important coverage. If you’re a small business that provides professional services, and are without errors and omissions insurance, its time to take a serious look at what this insurance can offer.
Keep in mind that as a business owner or professional offering services, you can benefit from bundling insurance products to protect your risks. By combining business insurance policies — such as your workers’ compensation, general liability, commercial property insurance and business automobile policy — you may be able to reduce your overall insurance costs.