As a real estate professional, you are responsible for handling large sums of money and complex property sales transactions with great care and precision. Mistakes made can have serious repercussions for your business if even one error goes undetected, which is why it’s essential that real estate agents errors and omissions insurance (E&O coverage) protects your interests by covering legal fees or compensation awards should any client sue over something you did wrong while working together with them.
Errors and omissions in real estate can arise from many sources, from providing incorrect advice about an offer or property value to failing to disclose information about its condition or making mistakes while reviewing paperwork. Errors and omissions insurance for real estate agents is available to manage these risks so you can focus on growing your business without worry of costly litigation fees from regulatory bodies.
Errors and omissions insurance for real estate agents is an indispensable resource when working in the industry. Real estate agencies typically require it, and it helps cover costs associated with lawsuits or damages that might be brought against your firm, including potential legal expenses associated with defending against legal claims so you can focus on running your business instead.
E&O can also cover damage to customer property. However, this type of loss should be covered by general liability insurance; though certain policies exclude certain claims related to criminal acts or failure to perform services as agreed in your contract – so be sure to review these exclusions thoroughly when choosing a policy.
The cost of real estate agents errors and omissions coverage depends on both how much coverage you choose and the size of your business, with larger businesses often commanding higher premiums than smaller, one-person operations. You should also keep location in mind as claims in certain areas may prove more costly than others.
Victor offers real estate agents and brokers state-of-the-art errors and omissions insurance that meets their unique needs as professionals in New York real estate. With online quoting, binding, and issuing capabilities enabling coverage in minutes – NAR members can also take advantage of exclusive member pricing on our industry-leading coverage – discover more today about Victor’s E&O insurance for New York real estate professionals!