Errors and omissions (E&O) insurance is designed specifically for real estate agents who oversee property transactions in Syracuse, manage luxury real estate firms in New York City or specialize in commercial deals in Rochester. Any mistakes can cost your clients significant sums of money – which makes E&O insurance all the more essential when protecting against financial loss for their agency. Read on to discover more about this form of coverage as a tool against professional negligence allegations; but how can you be sure this type of cover is appropriate for you? To discover more information regarding E&O cover for real estate agents read on; to discover more information on this type of coverage as it makes all the difference when protecting from potential financial loss for both your agency and clients!
Real estate errors and omissions (E&O) insurance is a form of professional liability coverage designed to safeguard real estate agents and brokers against lawsuits filed by angry clients claiming that they were financially injured as a result of poor advice given or mishandling transactions. An E&O policy covers both the costs associated with defending against such claims as well as any compensation due back from clients; having this protection can protect financial ruin as well as reputational loss – making E&O coverage essential.
Errors and omissions among real estate agents and brokers tend to arise in situations with frequent interaction between themselves, their clients and other parties involved in selling a property. This is especially likely when listing investment properties which often include additional parties such as bankers, attorneys and lenders. Such investments require more accurate records and reports.
While no one likes to consider lawsuits as part of real estate business operations, they’re inevitable and it is wise to have proper e&o insurance for real estate agents, along with general business insurance and workers’ compensation coverage in place – especially as freelance brokers who only deal with one or two clients each week. Even having this form of protection in place could save your business from becoming financially viable due to an expensive lawsuit claim.
As well as E&O insurance for real estate agents, other policies like workers’ comp and commercial auto should also be considered to protect your business against accidents and unexpected events. For assistance in selecting appropriate types of coverage for your agency contact an experienced professional today who can perform risk analyses and give details of an effective E&O for real estate agents policy that can ensure business operations run smoothly.