Real estate professionals make mistakes every day in this fast-paced, high stakes environment, even those who believe themselves experts in their field. Any mistakes could lead to legal disputes and financial loss for clients. Errors and omissions (E&O) insurance for real estate agents and brokers provides protection from claims of professional negligence made against your firm and provides support should your client experience any adverse impacts due to professional negligence by you or one of your team members.
NEXT is the premier provider of E&O Insurance for Real Estate Agents/Brokers:
Errors and Omissions Insurance for Realtors/Brokers is tailored to provide broad coverage at competitive rates for our clients, while being easy and fast for agents/brokerages to acquire the coverage needed for their agency/brokerage. With us you’ll have access to an experienced team of insurance experts, who are here to make the process seamless; get a quote online within minutes; have same day coverage confirmation (in most cases); plus risk management services to prevent costly errors that might lead to a claim.
Most states mandate E&O insurance for real estate agents. Furthermore, many clients will only work with firms or individuals with this coverage. Aside from covering potential legal claims against your firm or individual agent, having E&O coverage also helps promote a positive image for your firm or individual agent; showing your clients you’re prepared for unexpected events and dedicated to safeguarding their best interests.
Real Estate Professionals may make mistakes that cost them dearly in real estate when listing property listings, marketing properties and reviewing documents. From overlooking details that would discourage buyers from purchasing to misinterpreting Real Estate Settlement Procedures Act (RESPA) requirements – mistakes like these can be expensive to rectify and E&O insurance can help cover legal expenses associated with such claims as attorney representation fees as well as judgments or settlements related to covered claims.
Also, property damage caused by you or your employees at an open house or transaction may be covered under general liability policies; however, most policies don’t offer this coverage. Therefore, having a comprehensive general liability policy to cover other potential risks should be prioritized for business protection.
Cost of E&O insurance for real estate professionals varies widely depending on business size, industry and prior claims history. A basic policy from NEXT typically costs $25-75 monthly with flexible options to maximize savings such as extended reporting period coverage.
Contact one of our experienced agents now to gain more insight into e&o insurance for real estate agents and brokers! We are available 24/7 and would be more than happy to discuss your requirements before helping find an E&O policy tailored specifically to your business. Additionally, we can assist in procuring general commercial liability coverage to keep your business safe – contact us online or over the phone for further info. We offer members-only pricing on Victor’s state-of-the-art real estate errors & omissions program which provides instant quotes, binds & issues policies 24-7 online for quick & hassle free service & policy issuance!