E & O Insurance Question

[Kelly Green]

I have a dumb question that I need help with please. When my wife started her business she was a 1 person shop and acquired insurance in that capacity. Since then the business has grown to include one other certified residential and myself as a part time registered assistant. We are about to renew the insurance policy and need some advice. We will be including myself on the insurance but should or do we need to include the other cert. appraiser working for use even if she sign her reports solely. Thanks in advance for any input.

 

[Ed Potrafke]

If the orders are passed on, from your company to the other appraiser, I would consider coverage that covers them also. In the event that there is a lawsuit, lawyers like to sue everyone, and if your company accepted the order, I would imagine that your company would be named as a defendant. If I were you, I would look into a policy that provides blanket coverage, for the whole company.

 

[Kelly Green]

Thanks for the input. I see you were up as late as we were.

 

[Mike Garrett RAA]

It isn't all that expensive to add another appraiser to your policy. If your other appraiser has his/her own policy then you wouldn't need to add them. Ask your insurance provider which is the best way to go.

 

[Kelly Green]

We are contacting them today to get quotes both options. At this point I would rather be safe than sorry.
Thanks for the advice.