Relocating a Canadian business can be very expensive and stressful. It is estimated that business owners will pay between $1 and $1.50 per square foot when attempting to relocate their business. When dealing with a 5,000 square foot office, they’ll pay within the range of $5,000 and $7,500. Suffice to say, they’ll want to make sure that the relocation is handled properly and professionally. They’ll likely work with a relocation agent to ensure that everything goes smoothly.
This is good for relocation agents since work is coming. Nevertheless, you cannot ignore the benefits of having relocation agency insurance.
What Is Relocation Agency Insurance?
First and foremost, you need to learn the basics of relocation agency insurance. What is it? How does it work? What does it cover? Relocation agency insurance is professional liability insurance. It is also known as malpractice insurance and errors and omissions insurance. The primary goal of this insurance is to protect your company from claims of professional liability issues such as neglect, error, and omission. Relocation agents are cautious individuals who try their best to serve their clients well. Still, you have to be concerned that you’re going to mess something up at some point.
Relocation agency insurance will protect you during those rare occasions when you make a mistake.
How Will Relocation Agency Insurance Help?
Relocation agency insurance is a must for any relocation agent. It is designed to protect the business from the rare instances when you make a professional error, mistake, or omission. No matter how minor the mistake might be it could still lead to a lawsuit being filed. For instance, you may put the wrong number on the balance sheet. As a result, your client expects to pay a lot less for rent at the new facility. Are you going to be able to explain this error without angering your customer? Will they file a lawsuit against you? Sadly, you can’t be positive that they won’t.
Relocation agency insurance defends you from lawsuits stemming from such issues.
What Can You Use Relocation Agency Insurance For?
Once you’ve signed up for professional liability insurance, you’ll be ready to defend your company from all professional liability lawsuits. This insurance guarantees that you can protect your company by helping you cover the costs. This insurance will offer financial assistance for all of the costs associated with a professional liability lawsuit. It will help you pay for attorneys, administrative costs, court fees, and more. Court reporting fees and filing fees will be very expensive. Don’t pay out of pocket. Use your relocation agency insurance to cover these costs.
Furthermore, you can use this insurance to deal with potential court judgments and settlements.
Signing Up For Relocation Agency Insurance
To sign up for relocation agency insurance, you need to find several good insurance agents. Once you’ve done that, you should apply with all of them and ask for free quotes. This will give you the chance to compare their services and find out which policy will work best for you. If you need help finding an agent in your area, you should contact the experts at ProfessionalsCoverage.
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Need coverage in effect? Compare the market!
FAQ before purchasing liability insurance
- How much professional liability insurance do I need?
- How do I get a liability insurance policy?
- What does professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance
- How does the claims process work if I get sued because of my professional services?
- What is the cost of professional liability insurance?
- How do I apply for a professional liability insurance policy?
- How do I qualify for coverage as a professional service provider?
- What is the purpose of getting insured as a professional?
- How long will it take to get an insurance quote for my business?