Professional Liability Insurance In New Jersey
While some businesses find success based on the products they produce, the success of others rests solely on the quality of the services they provide. These types of businesses live and die by their reputation, which is why they need to protect themselves from mistakes, errors, and negligence. Those who provide professional services – like lawyers, accountants, doctors, and more – can be covered by a professional liability insurance policy when they are sued by clients who feel they made critical errors, omitted crucial information, or were negligent in their duties.
If you provide any type of professional services in New Jersey, HCP Insurance can help you find a policy that can cover your legal expenses when you make a mistake or have a lapse in judgment. Call us today to find professional liability coverage, general liability insurance in NJ, or any other type of policy you may need to protect your business.
What does professional liability insurance cover?
Also known as errors and omissions insurance, or E&O, a professional liability policy can cover you for the following risks:
- Negligence
- Breaches of Confidentiality
- Misrepresentation
- Copyright Infringement
- Failure to Meet Professional Standards
Your policy can cover you for the costs of resolving any of the issues listed above, or for the costs of defending yourself against these accusations in court.
Who needs professional liability insurance?
Many types of professional service providers in NJ and around the country carry professional liability insurance. They include medical professionals, those in the financial industry, those who provide legal advice, those in the tech industry, and those in the construction industry. These professionals can all be subject to liability for errors and omissions they make, and in some cases, that liability could be for thousands or even millions of dollars.
For example, a doctor who fails to diagnose a fatal condition could be liable in a wrongful death lawsuit if their patient passes away. This situation could be covered by a specific type of professional liability insurance known as malpractice insurance.
Lawyers, accountants, tech industry professionals, and more are responsible for protecting client data. If that data gets stolen by hackers, they could be accused of negligence for failing to protect it. A lawyer or doctor could be accused of breaching their confidentiality with clients if this type of information is leaked. Having the right professional liability coverage in place could allow them to be covered for the legal costs of defending themselves in court, or even for the cost of a settlement up to the limits of the policy.
Financial advisors must also abide by certain legal responsibilities. If their clients feel they omitted crucial information, that they misrepresented the viability of a financial product, or gave out erroneous advice, errors and omissions insurance could cover them for the cost of resolving these matters.
These are just a few examples of the types of liabilities covered by E&O insurance or malpractice insurance. The bottom line is that, if you provide any type of professional services in New Jersey, you can’t afford to go without E&O coverage or malpractice insurance. Your reputation is on the line with every client you take on, and HCP Insurance can help you protect yourself from the liability associated with the services you provide.
Get a quote for professional liability insurance
Don’t let a simple mistake or accusation of negligence cost you your business. You can protect yourself with errors and omissions insurance in NJ! The experienced agents at HCP Insurance will be happy to answer any questions you may have and suggest a range of policy options tailor-made for your field of practice. Get in touch with us today for a quote.
What are key benefits of contractor general liability insurance in New Jersey?
Contractor general liability insurance is a crucial form of business insurance in New Jersey. It provides insurance for construction workers engaged in a range of project types. This type of insurance also shields contractors from various risks. In New Jersey, contractor general liability insurance covers accidents on job sites and protects against property damage claims as well as other issues.
Contractor general liability insurance helps pay for legal fees if a client sues. It’s important for contractors in New Jersey because it protects both their money and reputation. With this coverage, contractors can focus on their work without worrying about surprise costs. In many cases, New Jersey law requires licensed contractors to have this insurance, showing professionalism and responsibility to clients. Furthermore, it extends medical cost coverage to parties negligently injured and liabilities to advertising injury claims, it solves all issues that need to be insured for contractors in a universal way.