E and O insurance for real estate agents provides professional liability protection in case any mistakes made by them in their work lead to financial loss due to mistakes such as failing to disclose home foundation issues or late property closing reports. It’s usually included as part of a larger policy covering general business liability, property and crime risks.
Real estate professionals play an essential role in helping their clients navigate an expensive and emotional process. Due to the high stakes involved, agents must act with great caution and precision; even minor errors could have catastrophic repercussions. While not every state requires real estate agents to carry professional liability coverage for their work, any agent should seek protection against claims related to their efforts by purchasing professional liability coverage for themselves and any employees under them.
No matter your level of experience as an agent, making mistakes in this fast-paced and often risky business is easy. A small oversight such as failing to disclose structural flaws of homes for sale or inaccurately representing square footage figures could have serious legal repercussions for you and your company resulting in costly litigation costs for both.
An effective E&O real estate policy will cover your legal expenses in case of a claim made against your business, such as attorney fees and court expenses, providing peace of mind that your business is secure from lawsuits filed by unsatisfied customers.
An effective real estate E&O policy should also provide coverage for settlements or judgments in covered claims, which is crucial since legal defense costs can quickly devastate both your career and bank account.
Not only can E&O insurance for real estate agents provide protection from unexpected legal challenges, it can also build client trust by showing that you’re prepared for unexpected circumstances and committed to safeguarding their interests.
Errors and omissions claims are more prevalent than many realize, with an average real estate error or omission lawsuit costing $80,000 and some even reaching millions of dollars – an expense you cannot bear alone.
An E&O policy for real estate can help your company recover quickly while keeping you focused on expanding it. To begin searching for coverage today, fill out Insureon’s easy online application. Our experts can have it ready in under 24 hours! Additionally, our knowledgeable agents are more than happy to answer any of your queries regarding E&O insurance for real estate agents; in fact we’ve even created a comprehensive document outlining all the key components of the policy for download below.