Real estate can be an intricate industry. Mistakes happen and mistakes can lead to costly legal claims against agents or agencies, so errors and omissions (E&O) insurance provides liability coverage against allegations of professional negligence. At NEXT Insurance we offer E&O coverage tailored specifically for Tennessee licensees through the Tennessee State Group E&O program managed by RISC and CNA that meets or exceeds state requirements.
Real estate E&O insurance costs may depend on your state and policy limits; typically higher limits come at an increased premium so be sure to purchase enough coverage for your business.
Real estate E&O Insurance can be easily obtained online in minutes and will provide an instantaneous quote, followed by printing out certificates of insurance to give to clients.
E&O insurance can protect both financial losses and your reputation. Claims can damage client trust in your services and take time to rebuild; having E&O coverage shows that you take risks seriously and care about protecting clients.
No matter whether you operate alone or as part of a large brokerage firm, E&O coverage should be part of your business protection plan. Incorporating E&O policies into existing general liability and commercial property policies may reduce total coverage costs; getting one is often as straightforward as selecting the appropriate option and providing proof of licensing, education and experience.
Real estate professionals must remain aware of insurance trends and regulatory shifts, and regularly review their E&O policies to make sure they provide adequate protection. With recent changes to both real estate industry and insurance market dynamics, this is even more essential. A risk management strategy should also be in place in order to minimise E&O risks.
Insurance carriers assess your company based on its history of litigation, making it harder for you to find affordable real estate E&O coverage if your record is less-than-stellar. Therefore, when selecting coverage options it’s crucial that you work with an experienced broker.
Our team has the specialized knowledge and strong carrier access necessary to assist real estate professionals with selecting the ideal E&O insurance solution for their business needs. Our team is fully dedicated to your success, so contact us now to discover more of our real estate E&O insurance solutions!