As a real estate agent or broker, you help individuals purchase, sell, and invest in properties. It is an arduous and demanding task with lots of responsibility attached, so when mistakes do happen – which they inevitably do even with diligent professionals – they can have far reaching repercussions for both lives and careers of your clients. That is why errors & omissions insurance (E&O) for real estate agents is such a vitally important protection measure.
Errors & Omissions Insurance for Real Estate Agents
When working as a real estate agent or running your own real estate firm, errors and omissions (also called professional liability) is vital in order to safeguard the business. Also referred to as professional liability coverage, errors & omissions (E&O) covers legal costs should your client file suit against you for errors made in providing services promised; comparable to malpractice coverage available to medical practitioners and other service providers.
E&O insurance for real estate agents is especially vital, given the often complex, emotional, and stressful nature of buying or selling property. A small mistake or failure to deliver can cost your clients thousands of dollars and months of stress; errors and omissions lawsuits against real estate professionals are fairly frequent; their defense can often prove expensive.
Mistakes occur frequently for real estate agents of all kinds, even those who are experienced. Listing a property incorrectly, or failing to have your client sign an essential document at closing could cost your clients thousands and compromise their chances of closing a deal – while any subsequent lawsuit could cost your business even more in legal fees and damages.
Real estate careers based on honesty, hard work, and excellent customer service require strong foundations of honesty, hard work, and error & omissions insurance for real estate agents to cover potential mistakes that might occur occasionally – and errors & omissions insurance for real estate agents provides essential coverage in case of claims made against your agency allowing your focus to stay where it should: helping clients buy, sell and invest in property.
At NEXT Insurance, we make purchasing professional liability insurance for real estate agents online a straightforward experience. Just answer a few quick questions to receive an instant online quote and then choose between monthly or annual payment plans; cancel anytime! Plus you’ll have instantaneous access to digital certificates of insurance for websites and marketing materials in minutes – an industry leader based right here in America with our team based here in the US – get your error & omissions insurance quote now!