Commonly known as Errors & Omissions, Professional Liability Insurance protects your professional advice-giving and service-providing clients from bearing the full costs of defending themselves against a negligence claim made by their customers, and damages awarded in such a civil lawsuit. Although you know how essential it is for these professionals to carry this type of insurance, your clients and potential clients are not always aware of how Professional Liability benefits them, or..
As you likely know, it is essential for your mortgage banker clients to carry Professional Liability Insurance. This type of insurance covers their firm’s liability for Errors & Omissions made in providing professional services such as loan origination, loan underwriting, processing, marketing, closing, warehousing, and servicing.
A couple examples of claims that have been covered in the past by this type of insurance include:
- Misrepresentation of Loan Terms- a borrower filed a lawsuit against an insured alleging that an employee..
Are your clients aware that commercial property loss occurs more often due to crime-related incidents than any other cause? Employee theft is considered to be one of the largest vulnerabilities of commercial crime. However, this is not the only crime-related exposure that your business clients face. Below are some incidences that show why your client needs commercial crime insurance.
Forgery or Alteration. One of the most common losses experienced by business is loss from forgery or alteration of checks, drafts,..
According to a survey done by the Nielsen Company, social networks and blogs are the most popular online category when ranked by average time spent globally. Facebook is the heavy hitter of social media, with about 67% of global social media users visiting the site per month. As we discussed in our post entitled “The Value of Social Media Networking for Insurance Agents and Brokers”, there’s been increasing evidence..
If your client is a business owner, it’s imperative that they be aware of the cyber risks their company faces. More often than not, cyber risks fall outside the realm of traditional liability insurance policies, making it necessary for companies to purchase a separate Cyber Risk Insurance policy. Surprisingly though, there are still business owners and individuals whom believe that they do not need this type of policy, and it’s mostly because they don’t understand the risks involved. In fact,..
Approximately 55,000 U.S. attorneys are likely to face an allegation of professional liability in any given year. Claims activity against attorneys has steadily increased in each of the past two decades. It does not matter what part of the country your client is in or how big their firm is- all areas of practice are at risk. These facts answer the first question many attorneys have about professional liability insurance, which is “why do I need it?”..
According to statistics compiled by FastCompany.com, 93% of marketers use social media for their business needs. It’s becoming more common to include social media as a part of an overall marketing budget or strategy, as opposed to when it was the outlier that businesses typically did not want to spend time or money on. The question arises, how can social media work for insurance agents or brokers?
Mortgage brokers provide an essential service for real estate buyers and owners. Whether purchasing or refinancing a property, their customers depend on them to help secure the services of a qualified lender and then perform the necessary tasks to close the transaction. It’s important to remind your mortgage broker clients or prospects that things don’t always go as planned when arranging financing for the purchase of real estate.
A closing can fall through because of the improper or late filing of paperwork,..
IT consultants are typically independent contractors, and likely have to set up their own insurance coverage, including health insurance and possibly other policies. Along with these, your IT consultant clients must evaluate their need for Professional Liability Insurance. This will protect them if they have a client who files a lawsuit regarding how they did or did not fulfill their professional obligations.
One example of when a consultant would need professional liability insurance is if they design a customer database..
In a previous post titled “Why Accountants Need Errors and Omissions”, we discussed the importance of carrying E&O Insurance to protect accountants’ operations from possible liability or malpractice claims. Accountants may face issues with data entry, incorrect tax advice, failure to meet deadlines, or for a number of other factors. While the only foolproof way for your accounting clients to truly protect themselves from a damaging malpractice claim is to purchase the right type of insurance policy, there..
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