E and o insurance for real estate agents helps cover the costs associated with lawsuits filed against you over errors that cause financial loss to clients. As with malpractice insurance for physicians, professional liability coverage helps safeguard you if a client alleges you were negligent in providing professional services and this caused them damages. Coverage includes legal fees, court costs and any judgment awarded to your client. Real estate agents and brokers should understand that having E&O coverage is crucial in today’s unpredictable market; even the most diligent real estate professional could miss something important or fail to disclose it correctly. Homeowners could claim you neglected to disclose foundation issues in their purchase property and now face significant repair expenses as a result. Therefore, having a comprehensive E&O insurance policy in place is imperative for all real estate professionals – no matter how many clients they service annually.

Real estate E&O insurance policies typically combine E&O coverage with general business liability policies. Some firms also offer additional options like discrimination coverage, open house and showings liability and other customisable coverage tailored to specific activities or activities of real estate agents and their assistants; some brokerages even provide E&O policies which include additional unlicensed assistant coverage – perfect for agents who rely on assistants for administrative tasks such as paperwork processing or attending open houses but aren’t licensed themselves to perform them independently.

Costs associated with E&O insurance for real estate agents can vary significantly, depending on the type of policy and coverage desired. Your deductible and limit requirements also have an impact on how much your premium will cost; generally speaking, more coverage equals higher premiums; but ultimately this decision depends on an assessment of risk as well as past claims history.

Note that E&O insurance for real estate in some states such as Tennessee is required by law, as state group E&O programs offer affordable coverage through large pools of participants – an important advantage when searching for affordable E&O coverage for real estate agents and brokers who do not rely on state group policies because premiums tend to be significantly more costly without one.

Victor offers comprehensive, state-of-the-art E&O insurance to real estate agents and brokers at special members-only pricing. Get a quote in minutes, bind your policy online 24/7, and start saving now by becoming an agent or broker with Victor!