Protecting your investment in your business and preventing financial loss due to a liability claim is easier with the right insurance plan. Errors and omissions insurance in NJ includes three different coverage options. Choose the plan that works best for you whether it’s one, two or all three policies.
Types of Errors and Omissions Insurance
A general liability policy for your company doesn’t cover everything, rarely covers economic damages and never covers monetary awards. Ensuring you have the right coverage for your company, yourself and risks takes knowing the different types. The three main types of errors and omissions insurance in NJ are:
- Management liability
- Professional liability
- Cyber liability/privacy & network security
Differences Between the Three Types
Each policy is slightly different in what it covers. Plans can be tailored to suit your specific insurance goals and address the risks associated with your company. The main differences in protection against claims regarding:
- failing to provide or an error in providing services—professional liability
- decisions of the management team—management liability
- issues arising from cyber attacks—privacy & network security
An agent or broker can help assess your risk and develop a plan that meets your goals, fills in gaps in coverage and handles critical risks. Errors and omissions insurance in NJ can protect your company from alleged negligence or mistakes.