Appraisal Services Business Owners Policy

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What is GigBOP - Business Owners Policy for Appraisal Services?

Business Owners Policy covering Business Personal Property & General Liability with options in Employment Benefit Liability, Professional Liability, and Hired Non-Owned Auto Liability. Designed and tailored solutions for risks related to Gig Economy and emerging industries. Specifically created for home-based business, shared workspace offices, and limited footprint companies.

Businesses eligible for the GigBOP include: Artisan/Servicing Manufacturing, Direct Retail Sales, Online Retail Sales and Services. We have more than 75 classes available.

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GigBOP at a Glance

Why do Appraisal Services Business Owners need insurance?

Certain people or businesses hire unbiased appraisers to value their properties or company’s business assets with the use of financial analysis, physical review, and industry comparisons. The job of appraisers is to measure the value of a property, like real estate, cars, business, and other merchandise. The goal for the home, automobile, and products for sale appraisal is to find a buyer for it. Whatever type your appraisal business can be, it needs a SynchronoSure® GigBOP – bop policy, an appraisal insurance.

Home appraisers examines the condition of the interior and exterior of the house. Oftentimes, the appraiser makes an error in the appraisal of someone’s property. In some cases, the appraiser also damages the property by accident while the valuation process is being done. But not all the time the appraisers are the ones who commit errors, they too are unsafe from bodily injury that can happen while evaluating a property. An appraisal businessowners policy protects you and your hired appraisers against such problems in the appraisal industry.

Appraisers are most likely to be sued because of their relationship with the lender. But non-lending appraisals have greater risks because the appraisers can be sued by the different parties, for example, the divorcing spouses dealing with a family home, a homeowner who wants to appraise his or her property for tax purposes, or parties negotiating about the lease terms or a sale option of a property.

Lenders, borrowers, or investors file lawsuits against the appraisers because of negligence and sometimes the appraisers are alleged for inflated price of a property. The professional liability on the appraisers’ insurance can safeguard the accused from the litigation costs.

Small appraisal businesses are not required to carry an insurance for appraisers, but it is a good investment for your business as it reduces the business’ exposure to the effects of risks such as bodily injury, property damage, medical payments, legal defense and judgment, and personal and advertising injury.

Accepts payment via credit card or ACH. Policy forms, invoices and policyholder notices are sent electronically.   

 

Visit the Insurance-As-A-Service Resources page available to policyholders for access at your fingertips a suite of value added resources for legal, human resource management, risk management, mental health, ergonomics and loss mitigation services.

 

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