As a real estate agent, you assist clients through the complex and emotional process of homebuying and selling. Your work means there are numerous potential ways that a property transaction could go wrong, which means even experienced professionals could end up facing legal disputes over property transactions. Errors and omissions (E&O) insurance provides coverage against such disputes so you can focus on expanding your real estate business instead.
Errors and omissions lawsuits are an increasingly frequent risk for real estate agents due to the vast array of information they are expected to provide their clients. This could range from not revealing foundation issues in a home, or failing to submit important paperwork for mortgage loans, among many other scenarios. These mistakes may seem minor at first, but can have devastating financial repercussions for your clients.
No matter whether it is an international investment firm looking for multi-million dollar commercial properties in New York City or an individual looking for their first home, your clients rely on your advice and expertise in order to navigate them through the process. This may involve drafting complex legal documents on behalf of clients as well as communicating with lenders and real estate attorneys on their behalf; all this requires maintaining high levels of professionalism that may prove challenging at times – leaving you vulnerable to negligence claims against yourself or other services providers.
No one enters real estate expecting to be sued, yet anyone is vulnerable to lawsuits brought by disgruntled clients. Most transactions go smoothly but just one unhappy client could put you on the receiving end of legal proceedings; errors and omissions insurance for real estate agents is an affordable way to shield against financial repercussions due to client discontentment lawsuits.
Your E&O policy needs will depend on the risks present in your business, but an excellent policy typically covers at least:
Some states, like New York, mandate real estate agents carry errors and omissions insurance as an essential business expense. You may also opt to add this coverage as an add-on to general liability policies – both essential for most small businesses. It is wise to ensure your policy provides for cyber liability as an increasing number of hackers are targeting real estate agents to steal sensitive data.
Next Insurance offers real estate agents seeking errors and omissions coverage an efficient, user-friendly experience when searching for errors and omissions insurance. With multiple policies that can be tailored specifically to fit their individual needs and an all-in-one solution for protecting their business such as workers’ comp and general liability policies bundled together into one bundle, Next offers the ultimate errors and omissions coverage solution! Get a quote online or contact us to find out more about errors and omissions coverage solutions designed just for real estate agents today!