Real estate professionals need Errors and Omissions Insurance (E&O). Also referred to as professional liability insurance, E&O provides vital financial security in the form of protecting personal assets while covering legal fees while maintaining client confidence and trust.
Your exact insurance needs depend on your role and property transactions you conduct. At BMA Insurance Agency we will help you select coverage tailored specifically for your unique business, providing peace of mind that allows you to continue operating with confidence.
Williams Underwriting Group and we have joined forces to offer members an exclusive Colorado REALTOR E&O policy at an economical cost. Our custom policy offers superior coverage at more accessible price points; additionally, as members you automatically qualify for our Additional Coverage Endorsement!
What Does Error and Omission Insurance Cover? E&O policies vary by state, but typically cover errors and omissions in real estate services provided to clients, including mishandled listings, inaccurate property valuations and failed disclosures. Errors and omissions are inevitable in any profession; having this insurance can help minimize their financial repercussions.
Some states mandate individuals carry individual E&O insurance while others only require brokerages to carry a group policy. If you work with a broker, their group policy may cover you; but be mindful if there’s any gaps or plans to leave; in that instance you will require purchasing your own individual E&O policy separately.
What else does E&O insurance provide? Even when an error or omission does not result in legal proceedings, the damages can still be substantial. E&O insurance can cover your legal expenses related to these claims – attorney fees, court costs and settlement or judgment payments due from these claims; as well as help protect your reputation by showing that you take responsibility for professional actions taken.
Errors and omissions occur, but you can protect your business by taking proactive steps such as implementing rigorous quality control measures and documenting every step of your work. It is also smart to have an established risk management strategy in place to limit exposure and lower chances of claims; CAR offers valuable E&O resources and claim support that may help avoid costly mistakes; for more information about our exclusive insurance solutions please reach out today – we look forward to serving you.