Owning a small business is thrilling, but it comes with many risks. Typically, small business owners wear many hats and are constantly scrambling to get everything done. Insurance is a wonderful safety net that takes some of the stress off of your back.
Errors and Omissions Insurance
E&O is a professional liability insurance that protects your assets against claims of misrepresentation, negligence and misleading or inaccurate advice. It is your security if and when you make a mistake. Professionals like doctors, lawyers and accountants are required to have it. Any professional that provides a service for a fee should seek out errors and omissions in NJ.
Media and Technology Fields
Errors and omissions insurance is especially important for professionals in media and technology fields even though it is not required. In these fields, you may face legal claims involving copyrights, defamation and privacy violations. If you make an error that costs someone else money, you may face a lawsuit.
Media and technology industries tend to be heavily reliant on intangible property. General liability insurance protects against claims for damages to a person or physical property. Errors and omissions in NJ protect against claims made for damages involving intangibles like intellectual property infringement and data breaches.
If you own a small media or technology business, seek out advice on E&O insurance. Don’t wait until after the damage is done.