Get New Jersey professional liability insurance quotes, cost & coverage fast. Also known as errors & omissions insurance (E&O), it covers NJ legal costs when a client sues you over your services or advice including negligence, work mistakes, & undelivered services.
NJ Errors And Omissions Insurance
If you are an expert in a particular field and you use your expertise to make a living, than you are going to want to protect yourself with New Jersey professional liability insurance. Also known as errors and omissions insurance (E&O), professional liability coverage can help to pay for any expenses that you may incur in the event that someone you offer your services to decides to file a lawsuit against you.
For example, if you are an NJ architect and a client isn't satisfied with the quality of the work that you delivered, he or she may decide to take legal action. If you have New Jersey professional liability insurance coverage, you won't have to pay for those legal expenses out of your own pocket.
Does My Business Need New Jersey Professional Liability Insurance?
Anyone who offers expertise and uses it to make a living should have errors and omissions insurance. Some examples of professionals who should have New Jersey professional liability insurance include:
- Medical professionals
- Real estate agents
- IT professionals
Compared to general liability which protects your business against 'physical' type of claims like slip and fall, professional liability can cover you from professional mistakes that cause a third party 'financial' losses.
What Does New Jersey Professional Liability Insurance Cover?
Errors and omissions insurance offers protection for the following:
- Work Errors. If one of your clients sues you because an error that was made on your behalf ended up costing him or her money, professional liability insurance will help to pay for your client's losses.
- Negligence. If your work doesn't live up to the standards in your industry, errors and omissions insurance will assist with paying for any legal expenses that you may incur if a client decides to sue you.
- Undelivered Services. If your work doesn't deliver on the promises that you made to a client, NJ professional indemnity insurance will help to cover any expenses that may be associated with a breach of contract lawsuit that may be filed against you.
Protection Against Work Mistakes - No matter how hard you may try to avoid them, mistakes happen even, and they can happen to even the most experienced and knowledgeable experts. What happens if your mistake ends up costing a client money? They could end up pursuing legal action and file a lawsuit against you. If that happens, professional liability insurance is essential. This type of insurance covers the cost of any legal fees that you may be end up facing, such the cost of an attorney, court fees, and settlements that may be awarded to the person who filed the lawsuit.
Protection for Undelivered Services - Unfortunately, not all projects end up coming out the way that they are intended to. For example, if you promised a client that you would have a project completed by a specific date and you weren't able to deliver, even if there were viable reasons for the delay, he or she could take legal action. The client could state that you breached your contract and ended up costing them money. Professional liability insurance will help to cover the cost of the losses that your client endured, as well as pay for any legal fees.
Protection Against Negligent Services - Being an expert in your field helps you earn clients and make money, but it also sets the expectations pretty high. Even if the expectations of your clients are high, they are probably pretty reasonable. For example, if you are an architect, you should be able to deliver a building that is structurally sound and offers the components that your client has approved. If, for some reason, there is any issue with the safety of the structure, a client could sue you for negligence.
Negligence lawsuits tend to be quite costly. Not only could your client be awarded damages, but you could be forced to pay fees in order to prevent negligence in the future. New Jersey professional liability insurance will help to cover the expenses that are associated with this type of lawsuit.
What New Jersey Professional Liability Insurance Doesn't Cover
Professional liability typically does not cover:
- Bodily injury or property damage
- Fraudulent acts
- Employment matters
- False advertising
- Patents and trade secrets
How Much Does New Jersey Professional Liability Insurance Cost?
How much does New Jersey professional liability insurance cost? The premiums vary depending on the amount of coverage your choose and specific risk characteristics of your business. Following are some of the main factors that go into the price of a policy:
- Type of business (contracting, service, retail etc.)
- Business location
- Years in business
- Selected coverage limits
- Number of employees
- Years in business
Further Reading On Errors And Omissions Insurance
- Errors And Omissions Insurance For Nonprofits
- Is Professional Liability Insurance The Same As Malpractice Insurance?
- Lawyers Professional Liability Insurance
- Medical Marijuana Malpractice Insurance
NJ Professional Liability Insurance Quotes
Request a New Jersey Professional Liability Insurance quote in Atlantic City, Bayonne, Bergenfield, Bridgeton, Camden, Carteret, Cliffside Park, Clifton, Dover, East Orange, Egg Harbor, Elizabeth, Elmwood Park, Englewood, Fair Lawn, Fort Lee, Garfield, Glassboro, Hackensack, Hawthorne, Hoboken, Jersey City, Kearny, Linden, Lodi, Long Branch, Millville, Morristown, New Brunswick, Newark, North Plainfield, Palisades Park, Paramus, Passaic, Paterson, Perth Amboy, Plainfield, Pleasantville, Point Pleasant, Rahway, Ridgewood, Roselle, Sayreville, South Plainfield, Summit, Trenton, Union City, Vineland, West New York, Westfield and all other cities in NJ.
Insurance Regulations In New Jersey
There insurance regulations that govern both business and personal insurance in the state of NJ. There are certain regulations that you want to keep in mind whether you are getting insurance as a private party, or you may have a business and are concerned about the regulations and oversight of your business insurance.
New Jersey Commercial Insurance
The regulations governing business insurance start with general liability insurance. General liability insurance protects you from lawsuits from people that come on your property with a variety of coverages. For example, it may protect against bodily injury, it may also protect against property damage caused by your business - for example, if your sign falls on someone's car - or it may protect against advertising, false arrest and lots of other different things that can happen. However, keep in mind that general liability insurance is not required in the state of New Jersey.
There are certain types of insurance that are required by businesses in New Jersey though. One of the regulations governing business insurance in New Jersey requires that anyone who has a full-time or part-time employee carry Worker's Compensation insurance to cover that employee. Workers comp is sort of like health insurance for employees that get hurt on the job.
In addition, NJ law says that employers must provide employee disability coverage to provide income for employees who are injured on the job and have to take time off due to a temporary or permanent disability. Finally, businesses in New Jersey are required to carry commercial auto insurance for company vehicles.
NJ Personal Insurance
The first type of personal insurance that will be discussing is auto insurance. Personal auto insurance in New Jersey requires that the driver carry $15,000 per person and $30,000 per accident in liability coverage. In addition, there must be an additional $5000 for property damage.
As far as life insurance regulations, insurance companies must be regulated by the Department of Banking and Insurance which maintains all records of insurance companies that are licensed to do business in the state. In addition, residents have a 10 day free look period, a grace period of 30 days and insurance companies must make payments in a timely fashion; which is within two months of receiving proof of death from the beneficiary.
If you are looking for state specific Professional Liability Insurance quotes, costs and information: California Professional Liability Insurance, Colorado Professional Liability Insurance, Delaware Professional Liability Insurance, Florida Professional Liability Insurance, Illinois Professional Liability Insurance, Kentucky Professional Liability Insurance, New Jersey Professional Liability Insurance, New York Professional Liability Insurance, Oregon Professional Liability Insurance, Pennsylvania Professional Liability Insurance, Texas Professional Liability Insurance, Washington Professional Liability Insurance.