As a real estate agent, your responsibility lies with providing clients with accurate information regarding property sales and purchases. In addition, you must deal with large sums of money as you navigate complex real estate transactions; mistakes happen and when they do they can have serious repercussions; when this occurs errors and omissions insurance provides cover from lawsuits related to these missteps and help shield clients against liability costs associated with these missteps.
E&O (Errors and Omissions) insurance for real estate professionals is often required by state laws, but it’s strongly encouraged that all agents and brokers purchase this form of coverage. Unfortunately, costs for an errors and omissions policy vary considerably depending on various factors that could determine its premium rate such as:
Error and omission claims can have far-reaching repercussions for you and your company, beyond financial implications. They may lead to public fighting between clients and prevent you from finding new business, but with the proper E&O policy in place you can protect both your professional reputation and minimize damage to your career.
Though claims against real estate professionals are relatively rare, it remains vital that they have adequate protection in place in case a claim should arise. E&O insurance for real estate provides liability coverage that pays out should negligence claims or wrongdoing be lodged against them by clients or regulatory bodies – typically covering attorney fees, court costs and settlement payments associated with claims stemming from professional services provided.
As is likely evident, the cost of E&O insurance varies significantly based on your deductible and coverage limits chosen for your policy, in addition to factors like size and structure of brokerage firm affecting premium rates – so it is crucial that you get an insurance quote tailored specifically to your own business.
As an NAR member, Victor Insurance Managers Inc’s REALTOR Benefits(r) program can save you money on E&O insurance premiums by offering hundreds of risk advisory resources and claims scenarios that will help prepare for unforseen circumstances.
When you’re ready to shop for E&O insurance, click the link below and get an instant online quote from NEXT Insurance. It’s fast, simple and convenient — plus, cancellation can happen whenever needed – plus instantly access a certificate of insurance that you can share with clients and use to verify coverage instantly! Plus we offer multiple payment plans so that we can meet any budget. So get an easy and affordable quote today!