Real estate can be an ever-evolving industry, from agency management in New York City and Syracuse offices, property transactions in Rochester and Buffalo condominium developments, or overseeing luxury condo developments. Staying abreast of all of its rules, deadlines and tasks can be challenging at best – no matter the size of your real estate business it’s essential that quality errors and omissions coverage is in place for every transaction you conduct.
Errors and Omissions Insurance, or E&O for short, is a form of professional liability coverage designed to protect real estate agents, brokers and franchise/firms in case they make errors or make mistakes that cost clients money – this could include miscommunication with clients, failing to complete necessary documents on time, or overlooking zoning issues. Even experienced agents can make errors that cost money; having this coverage in place is vitally important if there’s ever any likelihood of litigation against your real estate firm.
E&O insurance for real estate professionals protects you against claims brought against you, paying to defend you in court and cover any compensation or damages that might be awarded against you. Furthermore, this coverage extends backwards as far as work done prior to having an E&O policy (provided no one had such at the time). Furthermore, certain brokerages subsidize or require that their agents have E&O policies as part of their monthly desk fee payment plan.
Property investment and sale can be an expensive endeavor for clients, who rely on their real estate agent for accurate information and advice throughout. Mistakes may happen easily during this process and their consequences could prove costly both to themselves and to their agent.
Real estate professionals face an increased risk of being sued for malpractice than most other professionals, making E&O insurance coverage all the more essential. To protect themselves, it is critical that real estate professionals obtain E&O policies which do not lapse.
Cost of E&O Insurance for Real Estate Agents Varies by Region and Policy Limit
Paperless Pipeline’s software streamlines the entire property transaction process from start to finish, minimizing errors and streamlining processes for both real estate agents and their clients alike. From scheduling meetings and creating contracts to meeting deadlines and providing documentation – its role helps everyone stay organized and stay on top of their duties efficiently and stay ahead of any potential mistakes or miscommunication. Ultimately, less time spent on administrative duties means more time can be dedicated towards lead generation and closing deals!
Discover how Paperless Pipeline can save time and money by scheduling a demo with us today or downloading our brochure to learn how we can reduce risk and increase efficiency.