Errors and Omissions (E&O) insurance provides one of the best means of safeguarding real estate agents and brokers’ professional reputation and financial well-being. Such policies cover legal costs related to lawsuits brought forth by clients upset with miscommunication or mistakes made during business activities, lost income damages and more.

NAR has simplified the process for real estate brokers and agents to acquire E&O coverage with Victor Insurance Managers Inc, an industry leader. E&O coverage shows clients that you are committed and professional.

Errors and omissions in real estate can occur for various reasons, including failing to disclose information to clients, misrepresenting property values or violating Real Estate Settlement Procedures Act regulations. Errors & Omissions insurance protects you against these costly mistakes that can cost time and money for reparation in litigation proceedings, while providing an income replacement should a client bring suit.

As the cost of an E&O policy depends on several variables – including your business size, industry and claims history – it’s best to compare policies fairly and ensure you are fully informed as to what each includes and excludes; many E&O policies don’t cover bodily injury or damage to customer property, so a separate general liability policy might be necessary for those events. Furthermore, most E&O policies only cover incidents which occurred while their policy was active.

E&O insurance can serve as an invaluable safety net for real estate professionals, but is also vitally important for other service-related businesses such as accountants, lawyers, doctors and architects. To discover how Berkley can tailor an error and omissions policy that meets your specific requirements contact us now!