Be it New York City real estate brokerage firms, commercial property deals in Buffalo or residential real estate in Syracuse; errors and omissions insurance (known as E&O or professional liability coverage) should always be part of your business plan to protect from mistakes and oversights when they arise. Although most states don’t require brokers or agents to carry E&O coverage as part of their licensing requirements, some brokerage firms, banks and franchises may request evidence of it before engaging their services.
E&O insurance provides support for you and your employees if a client sues over the quality of work performed or mistakes or omissions committed on your part, legal expenses incurred defending against accusations made, judgments awarded against you if found liable, legal expenses paid if found at fault, as well as legal expenses associated with judgments issued against you if found at fault. It’s widely available across insurance providers but costs and coverage can differ widely, so when choosing one for your brokerage business it’s essential that both factors are carefully weighed when selecting an insurance policy policy to protect both parties involved.
As a real estate broker, your primary task is advising and assisting your clients through a complex process that can be emotionally and financially straining. You must pay careful attention to detail at all times while providing accurate information at all times; unfortunately, however, even hard efforts cannot prevent all mistakes or omissions; even minor oversights such as failing to disclose foundation cracks costing thousands could lead to legal action from clients or their agents.
Errors and Omissions insurance for real estate business owners is an invaluable protection in case they’re found responsible in a lawsuit, providing legal fees and damages, lost income as a result of being injured during work related accidents, or need to leave due to claims – though not required in most states, Errors and Omissions policies should still be an investment of wise business decision for any real estate entrepreneur.
NEXT’s E&O insurance for real estate brokers and agents provides you with the security you need to focus on your clients without worry. Our policy can be customized specifically to your business needs so you can choose an amount of coverage best suited to you – request your free quote now to start protecting your business today!