Fort Wayne Business Liability Insurance
Fort Wayne business liability insurance will cover you from third-party claims related to personal injury, advertising injury and property damage. However, Fort Wayne business liability insurance will not protect you from claims related to professional negligence. So, if you are offering advice, building houses, or acting in a professional manner in any way, probably need malpractice coverage.
If you're a real estate agent, for example, you need what's called Errors and Omissions, which is a type of malpractice coverage. It will protect you from potential lawsuits. Like Fort Wayne business liability insurance, malpractice policies have the duty to defend and the duty to indemnify. In other words, the Indiana insurance company will pay your legal fees as well as potential settlement or damages.
Also, if you have employees, your basic Fort Wayne business liability insurance policy will not be sufficient. You need an additional policy that covers claims from your employees. If an employee brings a claim against your Fort Wayne company regarding wrongful termination or harassment, you need to have what's called employment practices liability to protect you.
Insurance for Real Estate Agents
Even if you never make mistakes, you're at risk for a meritless claim. If someone is unhappy with the house you sold them in Fort Wayne, Indiana, for example, he or she may decide to sue you out of malice. Unfortunately, regardless of whether or not you're at fault, you will need to pay legal fees. So, malpractice is essential for real estate agents, like all other professionals.
Your malpractice insurance will cover claims related to errors, omissions, or professional negligence on your part. Your Fort Wayne business liability insurance will not cover these claims, and it's essential that you understand that. Malpractice should cover your for these claims during the time you're insured.
However, like all insurance policies, malpractice has a number of exclusions. If you lie, cheat, or act dishonestly, your Fort Wayne malpractice policy will not protect you. Also, if you harm another person, don't expect your Fort Wayne business liability insurance to cover you, and don't count on your malpractice either!
Other exclusions include claims related to pollution or property damage. If you're opening a Fort Wayne, IN business that may harm the environment in any way, you will need an additional policy to protect you from liability claims regarding pollution. As a real estate agent, you shouldn't need this kind of protection, but you may want to consult with an agent to confirm that it's unnecessary.
If someone files a claim against you, there's a good chance they'll register a claim with the Indiana real estate commission as well. So, it's important that you keep accurate records of all discussions and exchanges. On certain occasions, you may want to ask a buyer or seller to sign a statement acknowledging a specific recommendation on your part. If, for example, a buyer doesn't want home inspection, you might want that on file.
Employment Practices Liability Insurance
If an employee sues your Indiana business, your Fort Wayne business liability insurance policy won't cover you. Instead, you need employment practices liability insurance or EPLI. Employment practices liability coverage will protect you from employee claims. disgruntled employee brings a meritless claim against your Fort Wayne, IN business, you need to have this protection in place.
Furthermore, employment practices liability will cover you for claims related to workplace discrimination, emotional distress and wrongful discharge. on certain occasions, EPLI will cover you in the case of privacy-based claims and reputation or defamation claims. if your the business has employees, you most certainly need this coverage.
EPLI will also protect you if an employee commits a wrongful act unbeknownst to your Fort Wayne business. Typically, Fort Wayne business liability insurance doesn't cover you for intentional wrongdoings. The same holds true with other forms of coverage, but there's an exception with EPLI. Because your business can't control everything your employees do, EPLI provides you protection from intentional injury on the part of your employees.
EPLI has a number of significant exceptions. For example, it excludes coverage for Fair Labor Standards Act violations, as well as Occupational Safety and Health Act violations. It also excludes coverage for State Employment Law violations and, on some occasions, it excludes claims regarding the Americans with Disabilities Act. EPLI doesn't cover punitive damages, either, and your company must pay those out of pocket.
Regardless of what kind of company you're starting, it's a good idea to talk to a Fort Wayne business liability insurance agent about coverage. An agent with experience in your industry can help you secure the appropriate coverage with a suitable insurer. Due to specific risks, insuring a company is more complicated than insuring a car or a person, so it's a good idea to request the help of a professional.
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