Real estate transactions can be both financially and emotionally taxing for their buyers and sellers, so real estate professionals have an important advisory role during the transaction process. Therefore, many require errors and omissions (E&O) insurance in case a client files suit against your real estate company claiming that its services did not meet standards of care in providing services. This type of business insurance provides coverage in case an allegation arises against your firm against legal expenses in case the client brings legal action.
Submitting errors and omissions that cost money can be expensive; having E&O coverage provides essential protection. A client deciding to sue can also severely damage your reputation.
Many states mandate E&O insurance coverage for real estate agents and brokers in order to safeguard themselves in the event of litigation. E&O coverage also makes your business more appealing to potential clients – some may even require that it is in place before agreeing to work with you.
While diligence and attention to detail are the best ways to prevent errors, sometimes mistakes do happen. For instance, misprinting listings or forgetting key clauses when signing contracts could occur accidentally. Also, miscalculating closing costs might cause more harm than good – even if not at fault, such claims could still damage your reputation and leave lasting lasting scars.
E&O insurance for real estate agents covers any costs related to legal disputes, such as lawyer fees and settlement payments that might result from client lawsuits – offering great financial protection from financial ruin for their business.
Real estate companies that provide E&O insurance typically enumerate a list of exclusions. These may include things such as:
Examples of exclusions may include breaches of the Real Estate Settlement Procedures Act and dual agency agreements, among others.
PBI Group is an industry-leading provider of E&O insurance for real estate agents. Our team of experts can assist in selecting coverage to best meet your needs, so your policy has the appropriate protections in place.
As part of our effort to streamline and expedite the application process, all you need to do is fill out our online application and receive a quote within minutes. Once approved, we’ll even start your policy immediately so you can download your certificate of insurance instantly – giving your real estate business protection for as long as needed! Ready to protect your real estate business now? Apply for E&O insurance now using our easy application process that takes less than 24 hours to complete! Don’t hesitate to contact us with any queries – we look forward to hearing from you soon!