In today’s litigious society, there are many ways for residential real estate agents to get sued. Professional liability insurance provides a legal defense and payment for damages on behalf of your real estate clients. However, knowing what type of claims can occur may help them be prepared and possibly reduce the chance of facing these issues. Here are some common legal problems that your clients might deal with.
Misrepresentations: These come in three types; innocent, negligent,..
Your fiduciary clients have important responsibilities and are subject to standards of conduct higher than that of professional liability, because they act on behalf of participants in a retirement plan and their beneficiaries. Under the Employee Retirement Income Security Act (ERISA) of 1974, fiduciaries could be held personally liable for breach of their duties in the administration or handling of employee benefit plans.
Many fiduciaries make assumptions that all of their personal assets are protected by..
In December of last year, Chief Economist of the Associated Builders and Contractors, Inc. (ABC) Anirban Basu predicted that nonresidential construction spending would expand 5.2 percent in 2013. Basu suspected that office-related construction spending alone would rise 10 percent, given that professional and business services was the fastest growing major U.S. industry in 2012.
So far, Basu has been correct about the increase in spending. ABC released its Q2 Construction Backlog Indicator report on August 13th of this year, which..
Managing the finances of non-profit organizations requires a thorough understanding of how its capital is structured, the way the entity is set up, and how to institute a plan of action in order to meet its long-term financial goals. Here are a few tips to share with your non-profit clients about what separates their financial practices from those of for-profit entities.
Budget: Accountants for non-profits typically need to perform several steps when it comes to developing a working..
With the recent growth in spending on U.S. construction projects, it’s likely that architecture projects will be increasingly frequent. Your architect clients are as much at risk for errors & omissions as any other profession that involves contracts. Here are a few brief points on the key provisions that should be in every architecture contract.
Cost of work: This doesn’t need to include the compensation to the architect, however there needs to be a written estimate. If this cost starts to go over..
According to a new survey conducted of 633 tax professionals, 55% of respondents said their organizations had not purchased a cyber-liability insurance policy or coverage, while only 15% said they had and 30% said they were unsure. The survey was conducted at the annual conference of the National Association of Tax Professionals in Phoenix.
Tax professionals face risks such as computer viruses, data theft, identity theft, and other cyber-crimes. For the most part, tax professionals are somewhat familiar with..
Many small to mid-sized businesses do not know where to gain access to risk solutions. There may be some legal and financial risks they aren't even aware of. As an insurance agent, it is crucial to discuss risk management strategies with your clients that they can implement in daily life. Here are a few main points to talk over with your clients.
What is Risk Management? Your client should understand that the risk management process consists..
Accounting holds a pivotal role in the economy. Businesses, government and individuals rely on tax and accounting professionals for financial advice, tax preparation and filing, estate planning, audits and various additional financial transactions.
But your accounting clients, while highly skilled, are still human. Mistakes can be made. Statements can be misconstrued. Details could slip through the cracks. And a malpractice suit could seriously hurt your accounting clients’ careers. This is where error and omissions insurance comes in.
The Labor Department issued finals rules requiring federal contractors to show they are taking steps to hire more veterans and disabled workers. The federal rules place a threshold for veterans at 8 percent of a workforce and 7 percent for disabled workers.
The rules aim to increase the number of veterans and disabled people with jobs. In addition to the social and employment changes, it will have a significant impact on these businesses. Currently there are..
Certain insurance products can sometimes be complicated to understand. Potential customers need to depend on agents with the knowledge and communication skills to explain certain nuances of their coverage. Clear communication of best risk management practices could mean the difference between filing a claim or averting a huge headache for your client.
Verbal skills. Be available to have discussions with your client on the phone or in person. A lengthy email may not be enough to help them understand the..
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