Some people may think that liability insurance is reserved solely for doctors and lawyers. However, there are many other professionals who could benefit from having this type of coverage. Real estate agents, for example, are frequently confronted with potentially damaging claims. They can protect themselves by acquiring real estate professional liability insurance.
Reasons to Secure Liability Insurance
It should take little convincing to compel professionals to secure coverage. After all, who could scoff at the financial security offered by an insurance policy? However, if there are professionals who remain skeptical of the importance of insurance, they should consider some additional benefits:
- Insurance offers more legal protection than a real estate contract
- Insurance programs are cost-effective
- Insurance covers defense and settlement costs
Common Real Estate Liability Claims
Most claims manifest from an action that was perceived as wrongful or negligent. Some of the common reasons behind real estate claims include:
- Failure to divulge material facts
- Failure to adequately inspect a property
- Failure to offer a reasonable price
- Libel or slander
Secure Insurance Today
There is no good reason not to have real estate professional liability insurance. By speaking with an insurance provider, real estate companies can secure a comprehensive form of legal protection. There is no telling when a legal claim will arise, but companies can guard their reputation and financial assets by obtaining liability insurance.