Professional Liability

Professional Liability Coverage for the Real Estate Agent

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.

Making Sure Your Practice is Safe

The aging American population comes with its own set of challenges for medical professionals. One of these issues is the tricky situation of a patient’s lawsuit. Today, any medical provider can run the risks and exposures that will entail a nasty lawsuit. Source:axisins.com. Thankfully, professional liability insurance for healthcare professionals is built to help you when you need it most.

So What is Professional Liability?

Before understanding why this kind of insurance is so crucial to the healthcare industry, it is important to get a basic understanding of professional liability. This insurance type essentially handles the event of a negligence claim. These allegations can include clerical mistakes or errors and omissions. Both entire businesses and individuals can purchase this protection depending on their industry type.

With professional liability, an individual or entity does not have to bear the entire financial burden of a court case or the potential damage payments.

Why Would a Healthcare Provider be Interested?

Professional liability insurance for healthcare professionals is constructed with the types of risks those in the healthcare run on a daily basis. Claims regarding mistakes, incorrect diagnosis, and bodily injury are frequently included within the policy. If you are a healthcare provider, consider the daily risks you run while handling patients in which a situation like a claim may arise. Therefore, this insurance is a must for any healthcare provider or individual.