|
Professional Liability
Sometimes called errors and omissions (E&O) liability, or malpractice
coverage that results from errors or omissions in the performance of
professional services. Companies or Individuals that perform professional
services for others can make mistakes—overlook a critical piece of information,
mis-state a fact, be misunderstood, forget to do something, misplace something,
etc.— and be sued by their clients over these and other allegations. Another
important thing to remember is that a company doesn’t have to do anything wrong
to be sued.
Do You Really Need Professional Liability Insurance? If you
are in sales, marketing or a consulting position, the answer is a resounding
“yes!” Whether your company is large or small, or you work out of a home office,
if you make your money providing these services you should have Professional
Liability Insurance. Additionally, many firms require their Independent
Contractors (1099 income) to maintain professional liability coverage.
 Professional Liability Insurance Protects You From Legal Disasters
Professional Liability insurance protects you or your business from
potentially catastrophic litigation caused by charges of professional negligence
or failure to perform your professional duties. Whether the claim is baseless or
not, mounting a legal defense can bankrupt you. Professional Liability insurance
protects you or your company and your future by responding to professional
liability claims and helping you keep your business operating as potential law
suits move through the courts. Without it, your company could be financially
overwhelmed.
Today’s Legal Arena Makes Professional Liability Insurance A
Necessity
Professional Liability insurance is especially essential in today’s
legal environment where the boundaries and definitions of professional
requirements and duties are largely legally undefined. What this means for you
is that you may be liable tomorrow for actions which are today completely in
line with present consulting expectations. Professional Liability insurance
protects against the unknown and the unforeseeable.
Claims Scenarios Covered by Professional Liability Insurance
Professional Liability insurance covers crucial aspects of your
business and your interactions with your clients. Below are some actual claims
scenarios. You probably face similar professional liability risks every day:
- Failing to Disclose
- Failing to Recommend Inspections
- Failing to Identify Potential Issues
- Failing to Properly Advise on the Terms of a Contract
- Exaggerating Features of the Property
- Failing to Explain the Significance of a Disclosure Issue to Buyers
- Failing to Explain the Significance of a Disclosure Issue to Sellers
- Making Promises You Cannot or Do Not Keep
- Failing to Comply with the Time Frames in the Contract
- Representing Clients in Unfamiliar Geographical Areas
Professional Liability insurance is your protection against the legal winds
of change and the ever-present possibility for human error.
QuoteBroker offers affordable professional Liability coverage for Real Estate
Agents, Brokers, Appraisers, Property Managers and Auctioneers’. General Star
National has been selected as the insurance provider for this specialty market
coverage.
General Star National and General Star Indemnity Company are wholly owned
subsidiaries of General Reinsurance Corporation, A Berkshire Hathaway Company
and maintain A++ Ratings from AM Best Company
and AAA ratings from Standard & Poors.
California Liability Rates 2008
| Loss & Expense |
$100k / $300k |
$250k / $250k |
$500k / $500k |
$500k / $1m |
$1m / $1m |
| Deductible $1000 |
$827 |
$880 |
$975 |
$1026 |
$1100 |
| Deductible $2500 |
$752 |
$800 |
$886 |
$933 |
$1000 |
| Deductible $5000 |
$714 |
$759 |
$842 |
$866 |
$950 |
**California Residents must include A Surplus Lines State Tax and Stamping Fee (3% State Tax and .125% Stamping Fee).
Applications
| 
