Errors and omissions may be unavoidable in real estate business, but they don’t need to be costly. Errors and Omissions Insurance, commonly referred to as E&O insurance, offers protection from claims made against them for professional negligence by clients. The cost of an E&O policy will depend on its level of coverage chosen as well as any limits set on it.
The US real estate market is expansive, worth more than $110 trillion, making mistakes easy to occur. Misappraisals, failing to disclose information or simply missing key details may all cause severe client frustration if these small errors compound into major issues for real estate professionals – something which makes errors and omissions insurance so essential in protecting professionals in this industry.
National Association of Realtors has made finding insurance coverage easy for real estate agents and brokers through its REALTOR Benefits Program, in partnership with Victor Insurance Managers Inc. This program offers state-of-the-art coverage at special members-only pricing for members of NAR.
Who Needs E&O Insurance? As a real estate professional, your primary responsibility is providing your clients with accurate advice and information that allows them to make educated decisions. Unfortunately, the industry can often be riddled with inconsistencies, miscommunications and misunderstandings which lead to major problems for clients–who in some cases may sue in order to claim large financial damages from you.
Legal costs associated with any claim, no matter its legitimacy, can quickly add up; and should you have to pay out compensation due to damages sustained during litigation can be crippling for your real estate business. E&O insurance typically covers legal fees associated with defending cases as well as compensation or damages paid out as required.
Some states mandate real estate E&O insurance, but it’s wise to invest in it anyway. Being a business owner means having many responsibilities that it’s impossible to keep track of every detail within your company – should a lawsuit arise, it could spell doom for your real estate venture.
As soon as you complete the online application for the National Association of Realtors’s E&O insurance policy, you can be protected within minutes, 24 hours a day. Get started quickly by filling out their easy online application. Have any queries or need more information on this essential policy? Reach out via the toll-free number listed in your application; for even more info download their FREE eBook: Real Estate Eo Insurance: Download Your Copy Now. Then begin searching for the ideal E&O policy policy today.