As doctors need malpractice insurance, real estate professionals also require errors and omissions insurance for protection. This type of professional liability coverage protects them in case a client or third party alleges their negligence caused financial loss to themselves or another. E&O coverage typically pays legal costs associated with any disputes about claims that arise against your business and typically pays any awards made against your clients – this protection extends far beyond medical malpractice coverage!
As an independent agent, large real estate firm or title company it’s vitally important to carry errors and omissions insurance (E&O). Not only will this protect your personal finances but it will demonstrate to clients that you can be trusted as professionals. Real estate agents make mistakes from time to time so having E&O will give peace of mind should anything go amiss.
How Much Does Errors and Omission Insurance for Real Estate Cost? The costs associated with errors and omission insurance vary significantly based on factors like your business size, location, claims history and services you offer. For instance, providing real estate appraisals, property management or mortgage brokerage is likely to increase the likelihood of being sued and may consequently require more expensive errors and omissions insurance premiums; similar problems apply if your office or team includes numerous employees making more frequent mistakes which increase chances of legal action being brought against your firm.
But you can often find affordable errors and omissions insurance for real estate by working with an experienced agent or broker. Victor offers an Errors & Omissions policy specifically for REALTORS(r) that is endorsed by the National Association of REALTORS(r). Quote, bind and issue policies online within minutes 24 hours a day when working with clients – even while working! Plus NAR members qualify for special member-only pricing on our E&O policy! Reach out today and learn more – our experienced agents or brokers will help create the solution best tailored to meet your needs and budget!