Having professional liability insurance when you run a real estate firm is crucial. Even if you are extremely careful and make no mistakes, that doesn’t mean that you won’t end up in a situation where someone chooses to file a lawsuit against you. That situation can quickly eat up both your time and your money.
Understand the Limits of Your Policy
You should know a few things about your carrier. First, if you aren’t aware of who your carrier is, find out. You should also inquire about what rules are in place regarding the rules for filing timely claims. Last, be aware of your limits in coverage. Knowledge goes a long way in terms of being protected.
Realize Lawsuits May Happen to Anyone
You may never run into a lawsuit, but you can’t count on that. Having access to liability insurance programs for real estate firms can go a long way. If something does happen and you need the coverage, you’ll be glad you had it.
Consider the Amount of Insurance You Have
If you aren’t sure how much insurance coverage you should have, think about the most significant deal you make in a year. Your policy should generally cover that, at the least. Having a minimum of $250,000 is suggested, unless you do very little work as a real estate firm.
If you don’t have the insurance you need, investigate liability insurance programs for real estate firms. You’ll know you’re covered no matter what the future looks like.