As a real estate agent, you are the most effective when you know your clients, the property market, and your professional risks. It is easy to understand why you need to know the market and your clients, but you may wonder about your professional risks. Every business deal or transaction leaves you vulnerable to claims of negligence, errors, and omissions, or breach of contract.
Professional Liability Coverage
As a safeguard from the most common claims against your services, real estate agent insurance is a wise investment. Breach of duty and negligence suits are the most commonly filed complaints against agents, either for allegations that pertinent information wasn’t disclosed regarding a transaction or for failing to act in the best interest of the client. Professional liability coverage provides the resources to defend or clear your name.
Lack of Coverage
Professional liability protects you from risks, but not those that arise from any illegal activity. Intentional wrongdoing is another area where coverage will be denied. If you have employees or contract out parts of your job, this policy will not address physical injuries or property damage done. The coverage only extends to damages a third party may incur as a result of following your advice.
The cost of purchasing adequate coverage depends on things like your location, claims history, business size, and transaction types. Regardless of cost, it is most cost-effective to carry this insurance than handling a client lawsuit out of your own funds.
Purchasing an RV is an exciting endeavor, full of endless adventure opportunities for you and your passengers. It is a home away from home that travels with you to your chosen destinations. You want to make sure you know what to expect when you purchase insurance for your new house on wheels, whether it is parked in place or traveling down the road.
RV Insurance Protections
Whether you purchase a motorhome, trailer, or 5th wheel, your new RV needs the protections required of other vehicles on the road, but it also has many of the same risks associated with a house. As such, an insurance policy for your recreational vehicle can have coverages similar to both auto and home insurance.
What Is Covered?
Protecting your RV and its contents from non-collision damages, such as fires, floods, theft or vandalism is an important component of your policy coverage. This is the protection that safeguards your camper and your belongings, even when it is parked.
According to recreational vehicle insurance experts, you can also expect the following accident damages to be covered in an RV policy:
- Auto liability coverage
- Uninsured and underinsured motorists
- Medical costs (or personal injury protection, where required)
When you carry your home with you on the road, you want to ensure it is adequately protected. Getting insurance coverage tailored specifically for RVs gives you peace of mind to enjoy your new adventures, wherever the road may take you.
In most of the United States, small business owners are given the impression that the mandated workers’ compensation coverage each of the 50 states requires will take care of workplace accidents and injuries incurred by employees. While it’s true that this coverage helps with medical expenses and lost wages employees suffer due to an injury on the job, it’s not necessarily true that it is complete coverage. There’s also occupational accident coverage, and for many businesses it is essential. Occupational hazard insurance covers employees not covered by traditional workers’ compensation plans, and in some cases may provide some protection when contractors have employees operating at your site.
Differences Between Occupational Accident and Workers Compensation Plans
Hazard insurance for employees and workers tends to be less expensive than workers’ compensation with similar provisions, but there is a major difference between the two. Occupational accident plans do not cover legal costs, just the medical costs and associated losses like lost wages. This makes the coverage less expensive, but it does leave employers with a big financial risk if they are sued in the course of a claim. This coverage also has policy limits agreed upon when it is bought, and expenses beyond those limits may be the responsibility of the employer. When choosing one policy over the other, it’s important to know exactly what your options and risks are so you can decide between one of the two forms of coverage or the use of both.
Work-related injures not only increase insurance premiums but also harm employee morale and productivity. However, you can mitigate these costly scenarios by building a company culture that emphasizes workplace safety. Yet, even when proper you enforce proper measures, there are still risks to both your business and its employees, so it’s vital to have a functioning workers’ compensation policy in place. Here are a few things to know when shopping around for standard market workers comp.
Understand Potential Coverage
Worker’s comp requirements are different for every state, so it’s essential to understand what applies to you and your business. Generally, workers’ compensation policies include two parts, bodily injury by accident and bodily injury by disease. Coverage helps with medical treatment and payment for disability for a person’s inability to work due to workplace injury or illness.
Enlist the Help of a Knowledgeable Broker
Workers’ comp may not be offered to some professions in the market that tend to have high distressed risks such as healthcare, construction, and agriculture. Although some brokers like https://www.monarchpartnersgroup.com will go beyond market standards to find providers willing to insure those considered distressed risk. You can find an agent ready to counsel you on ways to implement workplace safety controls that could potentially lower your insurance premiums.
Enforce a Safety Plan
If you don’t already have a safety plan in place, you must establish one. Simple safety measures can mitigate work-related injuries. You may even qualify for credits or discounts by following workplace safety best practices.