Errors and Omissions Insurance for Real Estate Professionals | Professional Liability Coverage for Realtors(r) is not just another expense to add to the budget – it provides essential protection from lawsuits that could potentially cripple their businesses financially.
Real estate clients entrust real estate brokers, agents, and appraisers with accurate home information. However, even minor mistakes could have serious repercussions for both clients and your business; legal costs for defending yourself against any such claims could quickly add up.
Errors and omissions insurance for real estate is the best way to guard yourself against the potential financial loss caused by mistakes or oversights on your part. It provides coverage for legal fees, settlements and judgments when clients sue over service failure that led to financial loss for them; plus compensation for their losses as well as any damages you’re found responsible for.
Reeling under a lawsuit for providing inaccurate or incomplete information can be catastrophic when dealing with high-dollar transactions or significant personal details. Furthermore, many clients require E&O coverage before working with you.
There are various ways in which your work could lead to errors and omissions, from failing to sign contracts on time or misquoting square footage figures, to not following up with clients on promised repairs or tasks – any error could put your career and real estate agency at risk, with successful claims against you potentially forcing closure of both.
Errors and Omissions Insurance in Real Estate Professionals is mandatory across most states, including New York. Furthermore, certain mortgage lenders will only work with real estate agencies who carry E&O coverage. Although your risk of lawsuit is low, it’s still wise to secure this coverage as protection should anything go amiss during your work.
Victor offers an industry-specific errors and omissions insurance real estate policy designed for today’s modern real estate market, which makes getting coverage easy and inexpensive. Our E&O for real estate coverage is available both residential and commercial real estate professionals; quote, bind, issue policies 24 hours a day online via our E&O system; our business insurance experts are also on hand to guide through the process; plus they offer guidance for other common small business coverages like general liability, workers compensation and commercial auto policies.