Most professionals understand the importance of having liability insurance. However, they may be unaware of the specialized programs that are available to doctors, lawyers, and even real estate agents. Though liability coverage offers professionals the same type of protection, but not every insurance policy is created equally.
What Leads to Professional Liability Claims?
Many of the claims brought against real estate agents are related to the failure to perform a certain task. This task could have been to inspect a property or provide the proper documentation. In some cases, clients accuse agents of discrimination, libel, or slander. Regardless of the reason behind the claim, real estate liability insurance can assist agents with paying defense and legal costs.
When Should You Acquire Insurance?
The best time to obtain real estate liability insurance is before a risk arises. Real estate agents are a part of the service industry, and they face a number of exposures. Furthermore, agents risk the loss of professional opportunities if they fail to acquire coverage. After all, many clients will require agents to have insurance before agreeing to sign a contract.
People make mistakes, and they are usually forgiven for them. However, it is different for doctors, lawyers, and real estate agents. Their actions are under much scrutiny, and their errors can lead to devastating consequences. These professionals need liability insurance to protect themselves in the event they face potentially damaging claims during their careers.