Monthly Archives: November 2015

Mistakes Were Made: Errors and Omissions Insurance

Mistakes happen. Even if you’re the best real estate agent in your area, chances are that someday you’ll make a mistake. The problem is that a mistake can be costly; if you’re found to be at fault, a lawsuit can bankrupt you. Even if a claim against you is found to be groundless, the cost of defending yourself can run into the thousands or tens of thousands. With this in mind, you should consider protecting yourself with errors and omissions insurance.

What Is Errors and Omissions Insurance?

Put simply, errors and omissions insurance for real estate agents is like malpractice insurance for doctors. It covers you, or your company, in the event that you’re sued for providing a service that was negligent or incomplete, or for not providing that service at all. Examples of these kinds of claims include:

  • Failure to note problems with the foundation, roof, septic system, etc.
  • Failure to note damage from termites or other pests
  • Failure to detect soil or water pollution
  • Breach of confidentiality
  • Incorrect appraisal

Errors and omissions insurance is designed to cover defense costs, judgments, and settlements (though bear in mind that it does not cover intentional misrepresentation and fraud). However, policies will vary between companies, so look into errors and omissions insurance for real estate agents and make sure you’re getting the protection you need.

3 Important Ways Small Business Insurance in Virginia Protects You

With small businesses employing over half of the private workforce in the United States, they are an indispensable component of the United States economy. By investing in small business insurance in Virginia, your enterprise can become a part of it. Doing so nets you several significant benefits.

  1. The Wheels Keep Turning – In small business ownership, the fate of the venture lies almost entirely with you. Without coverage, a problem like a malfunctioning piece of machinery can bring operations to a grinding halt. On the other hand, an investment in property insurance means the issue can be quickly rectified and work can proceed as normal.
  2. Minimized Lawsuits – All it takes is one person to slip and fall in the workplace for an uninsured business to be brought into a lengthy and costly legal dispute. There are several types of small business insurance in Virginia that encourage safe work practices while also discouraging the need for any lawsuits to take place:
    • Non-owned auto liability insurance
    • Workers’ compensation
    • General liability insurance
  3. Develop a Positive Reputation – When you purchase the coverage required by your state’s laws, you can run your business with confidence and peace of mind. Having the policies to protect you, your employees and your customers makes for a smooth operation all around, with the added benefit of a sterling reputation in the working community. In a realm as competitive as the private sector, being known for your honest business practices gives you a significant edge that’s worth the investment.

How Hired and Non-Owned Auto Insurance Protects Your Staffing Firm

Company business beckons, and your employee is on the move in a vehicle that is not owned by your staffing firm. Do you worry, not only about the driver’s safety, but also about the impact on your company should an accident occur? This is where hired non owned auto insurance can give you peace of mind. This kind of coverage protects your firm and supplements the driver’s own personal liability coverage.

Why Coverage for Vehicles You Don’t Own Is Important

Let’s say your employee goes to meet a candidate at the airport using a rental car. If her personal auto insurance isn’t sufficient to cover the claim when she back-ends an SUV at a sudden traffic light stop, your staffing firm can be held responsible. Having a hired non owned auto policy would be so much less expensive than having to defend your company against a lawsuit. A comprehensive policy includes:

  • Limits and deductibles tailored to company needs
  • Zero deductible option
  • Extended coverage available for staffing firm worker driving client’s vehicle

Keep Current on Coverage Choices

Remember that coverage for physical damage to rental cars requires insurance purchased from the rental agency. Get up to speed on the protection afforded by hired non owned auto insurance and use it to supplement other forms of insurance in order to keep your staffing firm safe from possible claims.

How to Protect Your Fine Art

When you buy something beautiful and valuable, you want to make sure that it is protected, so you can enjoy it for a long time. Not only is it valuable, but it may even have some sort of sentimental value. You don’t have to live your life in fear that this fine art is going to be taken. Part of Princeton insurance includes a fine art policy. In order to understand this type of policy better, you have to understand why you need it and how to get it.

Why Do You Need a Fine Art Policy?

Most homeowner’s insurance policies do not cover valuable items after a certain amount. That means that if your valuable art is stolen or damaged, it may not be covered in your policy. That’s why you need to get a special policy that covers your fine art.

How to Get Fine Art Insurance

In order to properly insure all of your fine art items there are a few steps that you have to take.

  • First, schedule an appointment with a local Princeton insurance agency.
  • Next, get your items appraised. This will allow you to make sure you get the right amount of coverage.
  • After that, talk to the insurance agent to decide exactly what kind of coverage you want. Do you want something that will help cover the cost of repairs, restorations or replacement?
  • Finally, you want to document your valuable items, so you can tell when they’ve been damaged.

Following these steps will lead to a well insured fine art collection.

Talk to an Insurance Agent

Make sure you talk to an insurance agent to find out exactly what sort of coverage is right for you.

Common Misconceptions About Directors Insurance

Directors insurance safeguards members of boards of directors from legal problems related to things including:

  • Misappropriation of organizational funds
  • Crimes
  • Employee accusations
  • Mismanagement of duties

There are several pervasive myths about this type of insurance, and they sometimes make people delay taking out policies.

It’s Only Necessary for Publicly Traded Companies

Although a director associated with a privately held company or non-profit organization does not face risks from securities class action lawsuits, his or her personal assets can be compromised due to a lawsuit that’s too costly for the organization to bear. Therefore, all directors should consider getting insured.

General Business Insurance is Sufficient

Some people think directors insurance isn’t essential because they already have general business insurance. You’ll need to check your policy to be sure, but that sort of insurance doesn’t usually protect against litigation instances where directors are targeted.

The Organization Isn’t Large Enough to Need It

Occasionally, directors or their respective organizations resist getting this kind of insurance because they think it’s only for bigger groups. However, a board of directors can lead businesses that just have a few employees. There’s also a chance litigation could be brought against a director by a single vendor or customer.

In short, directors insurance helps you be prepared for the future, just in case. Otherwise, your organization’s decision makers may find themselves in costly and career damaging circumstances with little or no support.

Importance of Professional Liability Insurance for Lawyers

Every industry has their own risks. Lawyers are no different. Professional liability helps protect lawyers, or anyone who as that coverage, from allegations of wrong doing or negligence. Professional liability insurance for lawyers is important for a number of reasons.

  1. The Statistics – Lawyers need liability insurance because each year approximately 6% of attorneys in the United States of America face some sort of allegations related to professional liability. Some studies show that this percentage has risen in the past decades and will continue to rise.
  2. The Expense – As lawyers know, lawsuits can be expensive. It is important for a lawyer to have professional liability, so they don’t have to pay for all of the expenses out of pocket.
  3. The Claims – Professional liability insurance for lawyers is important because of the variety of claims that can be made. Malpractice can come in many shapes and sizes, which means lawyers have to have comprehensive coverage.
  4. The Coverage – Professional liability insurance specifically tailored for lawyers is going to cover the common exposures that they have. It can also be tailored to fit your exact needs. The policies typically cover lawyers and employees of the law firm in regards to duties they did for the law firm.

It is important for a lawyer to be properly covered so they don’t have to go into financial ruin every time a malpractice claim is brought against them. Professional liability insurance for lawyers will help protect them from any frivolous lawsuits. Talk to your insurance agent today to find out if this type of coverage is right for you.

Industry-Specific Insurance Tailored to Your Business

Miscellaneous professional liability (MPL) insurance is vital to your business. It’s not just for accountants and lawyers anymore. Practically every professional that provides services as their business needs to be protected against the litigious society of today. This is where MPL Hunter comes in. By having the depth of knowledge in many different industries, you can find the policy that fits your business needs and risks.

In today’s atmosphere, you cannot stop a frivolous lawsuit. There are any number of lawsuits that fall into this category, and even when the business wasn’t at fault, they still spent money on brand control and their defense. Don’t take that risk with your company. Get the professional liability insurance that covers your needs. It’s not just frivolous lawsuits. Human error happens, no matter how much of a perfectionist you are. Even though people like to think they can control everything, there are other forces at work that can make things go wrong.

With MPL Hunter, the specific needs of your industry are addressed in your insurance policy. After all, a lawyer has different risks than a doctor, and you should only pay for the insurance that fits your situation. Design an insurance policy that meets your needs and have peace of mind that you are protected no matter what forces hit your business. Work with your agent for the policies that fit your budget and protects your future.

The Benefits and Importance of E&O Insurance

Businesses that operate within the service-providing industry and work closely with their clients are vulnerable to errors and omissions claims. When companies are sued for failing to offer adequate service or advice, they can use E&O insurance in New York for financial protection.

Why Have E&O Insurance?

Clients seek help from certain companies because they expect them to have extensive knowledge of a particular subject. When companies fail to meet the high expectations of their clients, they face enormous financial losses. Lawsuits involve numerous legal fees and court costs, and businesses place themselves in a precarious position when they fail to acquire insurance. E&O insurance in New York covers a large portion of a business’ legal expenses, making it an essential form of protection to secure.

Who Needs E&O Insurance?

Any business that offers services or expertise to clients should have some form of errors and omissions insurance. Some of the companies that benefit from having this protection include:

  • Real estate companies
  • Architecture and engineering firms
  • Law firms
  • Multimedia companies
  • Contracting and design firms
  • Accounting firms
  • Insurance agencies

Relatively few businesses are safe without E&O coverage. A large portion of companies depend on the insurance to survive in their particular field.

Errors and omissions claims are a common occurrence for service-providing businesses. With E&O insurance in New York, these establishments can obtain the proper financial protection.