Real estate professionals must guide their clients through an often complex and emotionally charged process, so it is vital that they maintain high professional standards, communicate clearly with clients and follow best practices to reduce any risks of making mistakes that could cost their businesses financially. Even experienced professionals may make errors that will cost their businesses financially; having professional liability (e&o) insurance is one way of protecting yourself from such errors.
Errors and omissions (E&O) insurance for real estate professionals is essential in protecting them against legal costs and expenses associated with lawsuits, as well as damage caused by their negligence to client properties. Furthermore, certain states require them to carry such coverage.
As well as Errors and Omissions insurance, other forms of business coverage may also be essential for your real estate agency or brokerage. Workers’ Compensation coverage is required of most small businesses in New York while auto coverage must also cover any business vehicles owned by the firm.
An affordable business insurance policy from NEXT provides your business with comprehensive protection at an affordable rate, designed specifically to fit its individual needs. Our experts can assist in customizing it to address individual risks; most of our clients pay less than $25-75 monthly.
Your insurance needs depend on the risks inherent to your real estate agency or brokerage, for instance whether they specialize in commercial or residential real estate. Furthermore, some policies offer additional endorsements like professional development liability coverage which covers training courses and seminars taken to improve skills and business performance by yourself or employees.
Real estate professionals typically make E&O claims against themselves or their employers due to negligent acts, such as failing to disclose foundation issues with homes for sale or not filing essential documents on behalf of clients. While claims against such mistakes might not always be justified, having quality Error and Omissions insurance cover costs related to defending yourself against these threats and protecting your business.
NEXT is proud to offer real estate agents and brokerages innovative e&o insurance that can be tailored specifically for them. Adding this policy as a supplement to other policies can reduce costs while protecting their bottom line, with applications taking minutes online 24 hours a day – get in touch with us now to start saving!