Discover you real estate professional liability insurance options today, so that you can get the protection you need to ensure that you don’t lose your assets in a lawsuit. When you own real estate, there are going to be a lot of people who work on and visit your property every day of the week. As such, each one of these people are at risk of an accident occurring and could end up suing you for negligence. You could end up losing quite a bit if this were to happen, so you need some professional liability insurance coverage.
For any business, like a lawfirm requiring attorneys professional liability coverage, your financial well being is going to depend on your ability to hold on to the profits that you make. If you are faced with a lawsuit or other legal proceedings, it is going to make it really difficult for you to do this. If you’re on the losing end of a case, this could end up costing you thousands and thousands of dollars. It’s often enough to ruin your business altogether, and it’s something that you would want to avoid at all costs. Getting a real estate professional liability insurance policy can definitely help you to prevent financial ruin in these cases.
What Your Premium Pay For
If you’ve decided to select a real estate professional liability insurance policy, then it would do you good to be aware of what is going to be included in your policy. All companies will offer different types of professional liability insurance, but you can usually count on them to offer the same basic types of coverage. If you want to protect your real estate business even further, then you will have the opportunity to add more coverage.
A basic policy is going to offer you coverage for things that happen on your property. You will get bodily injury coverage as well as property damage coverage that will help you pay for a wide variety of things. If someone happens to get hurt on your real estate company’s property, then the bodily injury coverage would take effect. If someone’s property were to get damaged on your premises, then the property damage portion would kick in to help pay for these damages. Both kinds of professional liability insurance coverage are necessary for you to be completely protected.
Another type of coverage that you can get when you secure real estate professional liability insurance will cover claims related to pollution, fungus, and bacteria. Sometimes these things are going to be present on your property and you won’t be aware of it. If someone happens to get harmed by these things, you’re going to need some coverage to help defend yourself in these lawsuits and pay damages. Not all real estate professional liability insurance policies are going to have this type of coverage standard, but most will let you add it to your policy for an additional fee.
Some companies will even give you free assistance if you think that you might have to file a claim on your coverage policy. Sometimes you might not be sure whether or not you need to file a claim with your professional liability insurance provider, but you might need some help dealing with some pre-claim issues. A lot of companies will be willing to offer this assistance for no extra cost outside of your existing premium. This could be a really valuable bonus that you could end up using quite a bit to help you protect your real estate company.
Choosing Your Deductible
When you are selecting a real estate professional liability insurance policy, you will need to spend some time considering the deductible you are going to choose. If you ever want to make a claim on your professional liability insurance policy, then you are going to have to pay this claim first before you do anything else. As such, it’s important that you set something that is really affordable for you. Keep in mind that you might have to pay this amount to your real estate coverage provider more than once if suits are drawn up.
You can change the amount of your real estate professional liability insurance deductible if you want to get a discount on your coverage. A lot of real estate professionals are looking for good ways to decrease their professional liability insurance premiums without actually lowering their coverage. Raising the deductible is one way to achieve just this goal. If you can afford to do it, then you might want to raise your deductible by just a bit, as this can have a profound impact on your premiums. The higher you raise deductibles, the lower that your monthly premiums will be.