In This Episode
Whether in the field or at the office, there’s much at stake every day. Yet, many of us continue to overlook the importance of professional liability insurance.
Commonly known as errors and omissions - or E&O - insurance, these policies are designed to protect you against legal recourse should a lawsuit be filed against you. However, not all policies are created equally, and premiums are continually on the rise. So what’s the story behind these additional costs?
In this episode, we cover:
● How claims made against the profession as a whole can affect your premiums, even if you’ve done everything by the letter.
● Why E&O insurance is a must but should not be your primary source of protection.
● Why scrimping on coverage costs now will cost you more in the long run.
● What to look when choosing an insurance agent or broker.
● Actions you can take to reduce the overall risk of the pool of professionals you’re in.
Top takeaways for this episode:
1. Never let your coverage lapse; even a 1-day gap can have a major impact on your coverage period.
2. Always consult your E&O provider before engaging in action that could trigger a claim or that may not be covered.
3. Don’t ignore signs that others in your professional pool are engaging in risky practices or behaviors.
Resources for this episode:
● Download our free guide to Choosing an E&O Provider.
● Read our post on the Beginner’s Guide to Being Sued by guest author and attorney Paul Smigliani, Esq.
Now It’s Your Turn
What steps have you taken to reduce the cost of your E&O insurance premiums? Share your thoughts in the comments section of this episode.
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About Cornerstone Report Radio with Brian Trotier
Cornerstone Report Radio was created for real estate professionals like you who want easy access to information when you’re out in the field. If you don’t have time to read a lot of articles and blog posts, these short, 10-minute episodes will give you the information you need to stay up to date on trends and issues that affect your work and your livelihood.