Professionals in all types of practice areas know very well what a mistake can cost. Whether you are an attorney, an engineer, an accountant or a builder, a simple mistake by one of your employees can cost your clients thousands or even millions of dollars. While many firms implement extensive compliance protocols, best practices and employee training programs, human error or even mechanical malfunction can never be completely eliminated.
Protect Yourself From Fallout of Common Mistakes
Some common errors and omissions that can lead to serious financial loss, possible lawsuits and loss of goodwill include fairly simple mistakes, such as:
- Misfiled forms
- Missed deadlines due to faulty calendaring
- Faulty calculations
The truth is that, no matter how careful you are, there is no way to guarantee that such a mistake will not happen in your firm. All it takes is one employee feeling sick, fatigued or overwhelmed and a small detail is missed or distorted.
Choosing the Right Policy
However, you can take action to minimize the impact such a mistake will have on your business. Errors & Omissions (E&O) insurance coverage is a must for professionals in many fields. A typical policy will cover legal expenses, settlements and judgments. For comprehensive protection, look for New Jersey Errors & Omissions insurance providers willing to be flexible and tailor your policy to meet your specific needs.