Real Estate Agent Liability Insurance
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5 Questions Professionals Should Ask About Professional Liability Insurance
... Legal Services Personal Trainers Physical Therapists Real Estate Agents These are just a small sampling of the types of professionals who may need Professional Liability insurance. However, you may still have questions ...
read moreProfessional Liability Insurance
... to see a policy listed as E&O insurance when it is being sold to certain industries, such as real estate, tech, and accounting.Directors and officers' insurance is a type of Professional Liability insurance designed ...
read moreWhat does Professional Liability insurance cover?
... professional liability insurance are as follows: Architects, designers, and engineers Real estate brokers ... of claims that could be covered by a Professional Liability insurance policy. Example 1 – An IT engineer builds a ...
read moreProfessional Liability Insurance Choices for Small Businesses
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read moreDoes a sole proprietor need Professional Liability Insurance?
... trainers, home health care workers, and even event planners may also consider having a policy. If you're unsure if Professional Liability insurance is right for you, it may help to think about the type of work you ...
read more8 Reasons You Should Have Professional Liability Insurance
... of this protection. What is Professional Liability insurance? A Professional Liability insurance policy (also known as Errors and Omissions or E&O insurance ) is an essential policy that protects you and your company ...
read moreCalifornia Professional Liability Insurance Keeps Your Business Moving Forward
... – Check with your business accountant to confirm if there are any tax benefits to buying a Professional Liability Insurance policy. You may find that all or even a portion of the premium is a deductible business expense ...
read moreHow much does Professional Liability Insurance cost?
... , the industry your business operates in, does have an impact on what you will pay for your Professional Liability Insurance policy. One of the easiest ways to look at it is the higher the risk of your business being ...
read moreWhy Do I Need Real Estate Agents Liability Insurance?
... client to someone who can answer their question. What does Real Estate Agent Professional Liability insurance cover? A Professional Liability policy provides coverage against lawsuits that allege financial harm due to ...
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... we have re-affirmed the necessity for Real Estate Liability insurance let’s take a look at your exposures ... As you can see a Professional Liability policy is a crucial policy for Real Estate Agents . With so much money on ...
read moreA Guide to Real Estate Risk Management for Real Estate Agents
... help minimize real estate risks as a real estate agent, including taking out business insurance. Professional Liability , General Liability, a Business Owner's Policy, and other forms of insurance can provide important ...
read moreWhat Is Real Estate Agent Liability Insurance?
Becoming a realtor is a popular career of choice ... Professional Liability insurance policy is a necessary purchase for anybody that doles out professional advice. As a Real Estate Agent, not only do you provide professional ...
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... types of insurance available to Texas real estate agents to help them manage these risks. Let's take a look at a few of the most common, from Professional Liability to a Business Owner's Policy. Professional Liability A ...
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read moreE&O Lawsuit Tips for Real Estate Agents: A Guide to Managing Liability Risks
... Omissions insurance for real estate agents (which we'll refer to as real estate E&O insurance or realtor insurance) can help. Real estate E&O insurance is designed to protect your business against professional liability ...
read more4 Ways Errors & Omissions Insurance Can Protect Real Estate Agents
... , Errors & Omissions insurance can help protect real estate agents. What is E&O insurance for real estate agents? Also known as Professional Liability insurance , an Errors & Omissions (E&O) policy protects your business ...
read moreErrors and Omissions (E&O) insurance for real estate agents and realtors
... settlements or judgements imposed on the agent within the liabilities defined in the insurance policy. This offers a significant level of protection to those working in real estate who may be facing significant financial ...
read moreHow to get more clients and listings: A guide for new real estate agents
... may soon thrive as a real estate agent. Before you get there, you may want to consider Professional Liability insurance . A Professional Liability policy can help protect real estate agents , giving them more confidence ...
read moreWhat Are the Top 5 Mistakes Real Estate Agents Should Avoid?
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... . If you have real estate agent Errors and Omissions insurance in place, you can protect yourself against the worst consequences of any errors that might occur in the course of your professional practice. *As with ...
read moreWhat Insurance Do Real Estate Agents Need in California?
... . From Professional Liability to Business Owner's Policies, let's take a close look at some of the common types of insurance that real estate agents in California may need. Professional Liability Real estate agents spend ...
read moreHow to Get a Real Estate License in California in 5 Steps
... Liability for real estate agents Another important consideration for real estate agents in California is getting Professional Liability insurance . While not required to become an agent, a Professional Liability policy ...
read more5 Types of Real Estate Businesses That Can Build a Successful Career
... & Omissions insurance for real estate professionals can help shield your business from many types of liability claims. Errors & Omissions (E&O) insurance , otherwise known as Professional Liability insurance , protects ...
read moreHow to Start a Real Estate Business?
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read moreHow to Get a Real Estate License in Florida in 5 Steps
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read moreHow to Get a Real Estate License in Texas in 5 Steps
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read moreWho Needs Professional Liability Insurance?
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read moreWhat is Errors and Omissions Insurance for Real Estate Businesses?
... Errors & Omissions (E&O) insurance could help protect your real estate business. What is E&O insurance for real estate businesses? An E&O insurance policy (also known as Professional Liability insurance ) is an essential ...
read moreProfessional Liability Insurance – new
... insurance. However, a policy may be a wise investment for many types of businesses. Professional Liability policies are often purchased by architects, contractors, engineers, home health providers, real estate agents ...
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... insurance. However, a policy may be a wise investment for many types of businesses. Professional Liability policies are often purchased by architects, contractors, engineers, home health providers, real estate agents ...
read moreWhat is Pilates Instructor Liability Insurance?
... General Liability because it's meant to protect your business from incorrect advice or training. You need E&O insurance if you provide professional services for a fee, just the same as electricians, real estate agents ...
read moreGeneral Liability vs Professional Liability Insurance: What's the Difference?
... another name for these types of policies. Professional Liability and E&O insurance provide the same coverage but are generally targeted to different occupations. For example, a real estate agent is more likely to call it ...
read moreHow Much Does Pilates Instructor Liability Insurance Cost?
... liability insurance . The professional liability (E&O) insurance is important because you are a certified Pilates trainer offering professional instruction and advice to clients same as an accountant or real estate agent ...
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read moreGeneral Liability Insurance Requirements
... license in Florida . Professional occupations, such as accountants and real estate agents, may also need minimum levels of General Liability insurance to become licensed or join a professional association. If you are ...
read moreHow to Create a Great Marketing Strategy for Real Estate Agents
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read more7-Step Guide to Hosting a Real Estate Virtual Open House
... incorrect information accidentally or fail to disclose important facts regarding the property. Real Estate Agent Insurance protects you against common errors, accidents, and other risks. BizInsure offers affordable ...
read moreLiquor Liability Insurance: What You Need to Know
... incidents are not covered by general liability insurance. Liquor liability is excluded from most commercial general liability policies. Businesses can purchase a standalone policy or bundle the coverage with general ...
read moreHow Much Does Consultant Liability Insurance Cost?
... My Consultant Liability Policy Cost and Why? It's normally recommended that a consultant buy both General Liability insurance and Professional Liability insurance . The Professional liability (E&O) insurance is important ...
read moreGeneral Liability Insurance vs. Business Owner’s Policy: What's the Difference?
... business Are you considering a Business Owner's Policy vs General Liability insurance for your business? BizInsure may be able to help. Our licensed customer support agents can answer your questions about these types of ...
read moreWhat is Accountant Liability Insurance?
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read moreHow Much Does Accountants Liability Insurance Cost?
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read moreWhat Will I Pay for Physical Therapists Liability Insurance?
... and what it can do for you. Policy Type What Policy Covers Professional (Malpractice) Liability Professional Liability (Malpractice) Insurance is used by health care professionals to protect them from allegations of ...
read moreHow Liability Insurance Can Benefit Nutritionists
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read moreThe Complete Guide to Yoga Instructor Liability Insurance
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read moreArchitect Liability Insurance
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read moreWhat is Malpractice Insurance (aka Professional Liability Insurance) for nurses?
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read moreProfessional Liability Insurance: What Would You Pay to Protect Your Architectural License?
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read moreWhat you need to know about the cost of engineer Professional Liability Insurance
... , or judgments against you. Some policies even cover punitive damage (this is not a standard provision so please double check with your insurance agent). Why you need Professional Liability Insurance? Even if you are the ...
read moreWhat is Physical Therapist Liability Insurance
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read moreWhat Is Consultants Liability Insurance?
... information, or simply performed poorly. Professional liability coverage premiums, and even the policy terms, may be slightly different for your consulting firm than for a CPA, insurance agent, or plumber. This is ...
read moreWhat Is Estheticians Liability Insurance
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... small businesses spend around $767 per year for Professional Liability insurance. This includes all industries and varying policy limits. However, Professional Liability insurance costs less than $600 per year for more ...
read moreWhat You Need to Know About Notary Public Liability Insurance
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... condition or other factors What does Professional Liability Insurance for personal trainers cover Professional Liability insurance (aka E&O insurance ) is one of the first insurances you need to consider as a personal ...
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read moreAn Introduction to Home Health Care Provider and Business Liability Insurance
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read moreLiability Insurance: Even Notary Publics Need It
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read moreWhy Do I Need Accountant Liability Insurance?
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... any industry. What is Professional Liability insurance for consultants? A Professional Liability insurance policy (also known as Errors and Omissions or E&O insurance ) is an essential policy that protects you and your ...
read moreDo You Have Engineer Professional Liability Insurance? Here Is Why You Should
... articles suggests, this is the main topic of our discussion today. Most insurance agents that you will talk to, will advise you to purchase a Professional Liability policy . But do you really need it? The short answer is ...
read moreWhat is the difference between commercial property and liability insurance
... monthly premiums for some of the most popular types of liability insurance: General Liability Insurance costs as low as $11 per month Professional Liability Insurance costs as low as $18.34 per month Commercial Auto ...
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... difference between General Liability insurance and Professional Liability insurance? General Liability insurance and Professional Liability insurance are two of the most common types of business insurance, and while they ...
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... client's project. Related : Why Engineers Need Public Liability insurance? 4. Does my policy cover all my business activities? Professional Liability insurance covers many important aspects of an engineer's job. However ...
read moreReviews related to Real Estate Agent Liability Insurance
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Bee Her has been extremely helpful in assisting with my professional liability insurance needs.
Kirsti
Freight Forwarder -
I was very happy with the ease of my purchase of E & O Insurance policy. The person who assisted was eager and informed, but not pushy. The whole experience was quite pleasant. Thanks
Mark
Real Estate Agent/Broker (primarily residential) -
Thank you for contacting me via e-mail with the reminder to renew my Business Liability insurance with your company. Carl R. Turnquist / Concord, MA
Carl
Compliance Consultant -
These ease was very good, I'm looking for more insurance options, such as Liability Insurance, etc. I only had one insurance company populate.
Ricardo
Florists -
Josh was excellent in providing quick service for my immediate needs. He researched and provided the quote quickly. I will pass bizinsure's good name to others searching for professional liability insurance!
Ivy
Business Consultant -
The woman I originally spoke with was extremely helpful in getting me a quote for Professional Liability Insurance. She really took the time to understand my business and to determine what policy would be best for me to apply for.
Kati
Business Consultant
What is Professional Liability Insurance?
Professional Liability protects your business against claims of negligence, misrepresentation or mistake, as well as document or paperwork errors. Claims made against a Professional Liability policy typically result from clients who allege that your services, products, or employees have caused them to suffer some sort of financial damage. Professional Liability insurance may also be sold as Errors and Omissions (E&O) insurance or medical malpractice insurance, depending on the industry that specific policies are designed to protect.
People working in certain industries may be required to have Professional Liability insurance in order to do business.
This includes many different types of professions, such as:
And many more
Click here for a complete list of Frequently Asked Questions
How much is Professional Liability insurance?
BizInsure analyzed more than 5,000 of our customers and found that on average small businesses spend around $767 per year for Professional Liability insurance. This includes all industries and varying policy limits. However, Professional Liability insurance costs less than $600 per year for more than a third of small business owners.
Our analysis also found that just over half of small business owners pay less than $51 a month for their Professional Liability coverage.
To learn more about how much Professional Liability insurance costs, click here.
There are many factors that insurance companies use to determine the cost of Professional Liability policies. These include:
- Your industry
- The amount of revenue your business produces
- The risk management procedures you have in place
- Claims history
- The amount of coverage desired
Every small business is different. The unique risk factors your business faces mean that your policy and premiums may differ from other companies, even those within the same industry.
What does Professional Liability insurance cover?
Professional Liability insurance can protect your business against allegations that your services, products or employees caused a third party some form of financial damage. This includes:
Errors, mistakes and omissions
Even the most careful professional service provider can sometimes make a mistake or forget to rely important information to a client.
Negligence
Professional service providers are held to high standards, and if you don’t meet a client’s expectations, you could face a lawsuit.
Breach of contract
If you do not meet your contractual obligations, your client may sue.
Undelivered services
Inability to deliver the services you promised could lead to a claim or lawsuit from an unsatisfied client.
Missed deadlines
Even if you’re on schedule, unforeseen events can impact agreed deadlines and trigger a claim.
A Professional Liability policy typically pays for your attorney fees and other legal expenses necessary to defend your business in court. It also covers any settlements or judgements you are required to pay as a result of the claim.
The coverage provided by a Professional Liability insurance policy applies even if you are not at fault. Defending your professional reputation can be expensive, even if the claim made against you is baseless. Professional Liability insurance provides an important financial safety net for both legitimate and meritless liability claims.
Professional Liability insurance covers incidents such as:
- Providing incorrect advice to a client around accessibility or other building standards
- Flaws in your work that require the client to pay for new materials and labor
- Alleged mistakes, even if you are not at fault
Explained: What does Professional Liability cover?
What is not covered by Professional Liability insurance?
There are limits to what Professional Liability insurance will cover. Professional Liability policies do not cover:
Third-party bodily injury or property damage:
A General Liability policy provides protection should a customer or other member of the public is injured on your business premises or you damage someone else’s property.
Work-related injuries or illnesses
A Worker’s Compensation policy can help you or your employees get back to work following a workplace injury or illness.
Who needs Professional Liability Insurance?
There are many types of small businesses and occupations who could need Professional Liability insurance. This includes businesses that:
- Regularly give advice to clients
- Provide professional services directly to customers
- Represent their clients’ interest on their behalf
In many states, minimum amounts of Professional Liability coverage are required for some occupations, such as medical professionals and attorneys. Additionally, professional associations and some clients may also require you to carry this type of policy.
To learn more about the Professional Liability requirements in your area, consult your state or local laws or professional association.
These guidelines can apply to a number of different professions in very different industries. Examples include:
Whether you’re designing the newest skyscraper or a family home, you may need protection while you work. A small error, misunderstanding with the contractor, and other forms of professional wrongdoing can leave architects open to an expensive lawsuit. Professional Liability insurance could help shield you against common risks you may face. Visit our Architect Liability Insurance page to learn more.
Your work is essential to the planning and construction of buildings and other parts of the country’s infrastructure. Engineers work closely with architects, contractors, and other professionals on each project. A missed deadline, mistake, and other unintentional mishaps could leave you vulnerable to a lawsuit. Visit our Insurance for Engineers page to explore your coverage options.
Business owners and professionals rely on your expertise and advice to help them improve their company. A simple mistake, missed deadline, or breach of contract could lead to a costly lawsuit that threatens a consultant’s finances and professional reputation. Professional Liability insurance could help you protect your consultancy. Visit our Insurance for Consultants page to learn more.
Working closely with patients and their families can be rewarding. It can also leave healthcare providers at risk for expensive lawsuits. Shield yourself against claims of negligence, mistakes, and other types of professional wrongdoing with Professional Liability insurance coverage. Visit our Insurance for Home Care Providers, Businesses and Agencies page to explore options for protecting your small business.
Your clients trust you with their money. A small mistake could lead to huge losses for them—and even bigger problems for you. Professional Liability insurance helps protect accountants against expensive lawsuits resulting from errors and other faults in their work. Visit our Insurance for Accountants page to learn more about protecting your small business.
You need insurance but don’t know what kind? BizInsure offers General Liability Insurance, Professional Liability Insurance, also known as Errors & Omissions insurance (E&O), Workers Compensation Insurance, and Business Owner’s Policy, so you have plenty of options. Compare quotes and find out which policy is right for your company with BizInsure.
Professional Liability Insurance FAQs
Is employers’ liability the same as Professional Liability insurance?
No, employers’ liability is not the same as Professional Liability insurance.
Employers’ liability protects businesses against workplace injury or illness claims not covered by Workers’ Compensation insurance. It may be included as part of your Workers’ Compensation policy (except for policies purchased from a monopolistic state fund) or added to your policy as an endorsement.
Employer’s liability typically covers:
- Lawsuits by third parties distantly involved in the accident
- Lawsuits brought by the family of an employee who is deceased or disabled
- Non-employees who suffer physical damage due to the employee’s injury
- Dual-capacity lawsuits where you are sued both as the employer and as something else (i.e., a product manufacturer, service provider, landlord, etc.)
Is malpractice insurance the same as Professional Liability insurance?
Malpractice insurance is a type of Professional Liability insurance designed specifically for people working in the medical field. The potential for mistake is higher for these occupations and the consequences that follow them could be much greater for their patients.
Examples of occupations that may consider malpractice insurance include:
- Doctors
- Surgeons
- Dentists
- Nurse practitioners
- Massage therapists
What is General Liability and Professional Liability insurance?
General Liability is a common form of insurance coverage that many small businesses consider. It differs from Professional Liability insurance in that it covers bodily injury and property damage claims made by third parties.
You might consider General Liability insurance if you:
- Regularly meet with third parties (clients, vendors, delivery people, etc.) in your office or workplace
- Regularly meet with clients or vendors in their homes or places of business, or on third-party worksites
- Handle your client’s property or personal belongings
- Have employees who do any of the above
Click here to learn more about General Liability insurance.
What is the difference between E&O and Professional Liability insurance?
Professional Liability insurance is the same as Errors and Omissions (E&O) insurance. They provide the same forms of protection against mistakes in your work, negligence, breaches of contract, and other common liabilities in this category.
You may be more likely to see a policy listed as E&O insurance when it is being sold to certain industries, such as real estate, tech, and accounting.
Is directors and officers’ insurance the same as Professional Liability?
Directors and officers’ insurance is a type of Professional Liability insurance designed specifically for the higher ups at a company. This includes directors, officers, executives, and other members of upper management.
While directors and officers’ insurance is similar to Professional Liability insurance, the coverage it provides is targeted to the unique risks faced by a company’s primary decision makers. This includes:
- Negligence
- Poor financial management
- Errors
- Wrongful acts and conflicts of interest (excluding crimes or illegal acts)
Like Professional Liability, directors and officers’ insurance protects against claims that typically come from outside the company, such as from a dissatisfied client or investor.
Is employment practices liability the same as Professional Liability insurance?
No, employment practices liability is not the same as Professional Liability insurance.
Employment practices liability protects businesses against claims and lawsuits brought by employees who allege that the company has violated their legal rights. Common reasons for an employment practices lawsuit include:
- Wrongful termination
- Failure to promote or hire
- Discrimination
- Sexual and other forms of harassment
Is Professional Liability insurance tax deductible?
Yes, Professional Liability insurance is typically a tax-deductible expense for small businesses. According to the IRS, you can deduct many insurance premiums that are considered ordinary and necessary costs. This includes Professional Liability, General Liability, and Workers’ Compensation insurance, as well as many of the coverages that can be included in a Business Owner’s Policy (BOP).
A tax professional can help you determine which insurance premiums you can deduct from your tax filing.