When you are running a professional firm, your clients are entrusting a significant portion of their well-being to you. While mistakes can happen to anyone, when they occur in a professional setting, they tend to have far reaching consequences and may result in claims against your firm.
Assessing Likely Risk
If you are an attorney or an accountant, errors can result in serious financial losses. Architects, builders and engineers are aware that incorrect filings, plans or designs can compromise the safety of the client’s structure and can lead not just to monetary loss but also to property destruction and even personal injury.
How to Tailor Your Policy for Optimal Coverage
When choosing a New Jersey Errors & Omissions policy, speak with your provider about the specific types of risks that you face in order to ensure that your coverage is sufficient. While an accountant has little reason to worry about a personal injury action based on professional negligence, such a claim presents a significant risk for a builder. Other factors include the size of your firm, the qualifications of your personnel, the safeguards and compliance protocols you have implemented to prevent errors, your typical client population, the location of your premises and more. An experienced insurer can provide an optimally accurate risk assessment and advise you as to the best policy for your firm.