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   Malpractice Insurance For Agents
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   Author  Topic: Malpractice Insurance For Agents  (Read 746 times)
TataBoxInhibitor
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Malpractice Insurance For Agents
« on: Apr 6th, 2006, 7:58am »
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I was curious as to the number of agents who carry insurance.   Starting out on your own can be a bit hectic and I recently read a post where an agent was sued.  I didnt think that it was very common, or as common as an attorney being sued for malpractice.
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Wolfcastle
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Re: Malpractice Insurance For Agents
« Reply #1 on: Apr 22nd, 2006, 2:49pm »
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From the clients perspective, who in their right mind would use an agent who didn't have malpractice insurance?
 
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Isaac
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Re: Malpractice Insurance For Agents
« Reply #2 on: Apr 22nd, 2006, 3:11pm »
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My experience during the brief amount of time that I worked as an agent is that nobody ever asked whether I had malpractice insurance.   I agree with Wolfcastle that a client might legitimately be concerned about the issue.  
 
I cannot think of any reason why a client should be less likely to sue an agent than an attorney over a patent preparation/prosecution mess up,  but there are far fewer agents than attorneys.
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Isaac
patento
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Re: Malpractice Insurance For Agents
« Reply #3 on: Apr 23rd, 2006, 8:59am »
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My experience is that clients don't bother. But, thats not why you buy an insurance. The insurance is to protect your life savings and house when something unfortunate happens.
 
But, the problem is that the insurance rates are prohitively high. I mean 5K-10K/year (for 250k policy) for what? Patent prosecution is not "lawsuit" prone comparatively.... If you are a real estate broker, the chances of getting sued are much more while you can buy an insurance policy for about $700 (250K policy).
 
These insurance companies are gauging the rates in all areas. Medical cost is going up but doctors and hospitals are not getting more, all the money goes to the insurance companies. Their profits are souring year after year. And, funny things is that they blame trial lawyers for increase in the premiums. Someone needs to fix this system.
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