If you work as a real estate developer, you may be exposed to more risks than you think. Real estate development is a complicated process that leaves plenty of room for error.
Unfortunately, errors within real estate development are not uncommon and can be financially devastating when they occur. If you make a mistake and your client decides to sue you, you could be in for a long, painful, and expensive legal battle. Luckily, real estate developer liability insurance can help.
What Is Real Estate Developer Liability Insurance?
Real estate developer liability insurance is a category of insurance coverage that is designed to protect real estate developers from costs associated with a variety of liability issues. You can obtain multiple types of liability coverage with real estate developer liability insurance providers but you will likely only need one type of liability coverage that is called professional liability insurance.
Why Is Professional Liability Insurance So Important For Real Estate Developers To Have?
Professional liability insurance covers costs associated with making a professional error while working, a risk that is front and center for real estate developers. For example, imagine you make an error that costs a client a lot of money and that client sues you. Professional liability insurance can cover the cost of the lawsuit and any other associated costs like court fees.
Real estate development is riskier than you’d think. Real estate developer liability insurance can help.