As a real estate agent, you understand your clients depend on you for accurate information when looking for or selling their homes. But in today’s fast-paced real estate world, mistakes do happen and can cost clients thousands in money and months of stress; sometimes clients even sue over mistakes made during transactions! That is why errors and omissions insurance for real estate agents is crucial.
Real estate agents and brokers need E&O insurance, commonly referred to as professional liability coverage, in order to safeguard themselves from potential claims made by clients who have suffered due to mistakes committed during professional services provided. Mistakes or errors in real estate could range from forgetting details on disclosure forms or providing incorrect advice which leads to financial losses for clients.
Errors and omissions lawsuits against real estate professionals are more prevalent than you might realize. Many states mandate that real estate agents carry an E&O policy before working with prospective clients; in addition, brokerages often require individual agents to carry individual policies as part of their employment agreement with them.
Real estate errors and omissions insurance provides coverage against legal fees, judgments and awards that could arise if sued by clients who have suffered financially due to your mistakes or oversight in professional services rendered to them. Furthermore, this cover can cover medical bills should your client experience any injuries due to negligence on your part.
Real estate Errors and Omissions policies (E&O policies) can be tailored to meet your exact requirements. For instance, NEXT offers customizable E&O policies designed specifically for real estate agents and brokers that cover general and professional liability as well as employee and client liabilities – this customizable policy gives you complete freedom in choosing your coverage amount – typically costing most NEXT clients between $25 and $75 monthly.
As a real estate agent or broker, you need an E&O policy tailored to your business. Get a quick, easy, and cost-effective quote with Victor today.