Real estate brokers make mistakes regularly, from oversights to intentional omissions that cost money in both time and resources. Errors and Omissions Insurance for real estate brokers is available to cover costs related to these missteps and defend against accusations of negligence or incorrect advice by protecting against financial consequences for allegations that arise against their agency.
Real estate professionals may miss important details that lead to disputes with clients when buying or selling properties can be an emotional and stressful process for both sides. An agent could fail to disclose a crack in a home’s foundation, which could prove fatal for potential buyers; or they might fail to submit necessary documents during closing that delay the transaction and incur legal fees as a result.
Errors and omissions can occur in any real estate brokerage, from large national firms to local firms. Common mistakes include failure to disclose important information, inaccurate property descriptions and missing signatures on documents. Real estate errors and omissions insurance is available to help defend against allegations of negligence from all forms of real estate brokerage firms and errors of all sizes, regardless of size or scope.
Real estate brokers often require their agents to carry workers’ compensation insurance as an added protection measure against workplace injuries, including medical care and lost wages for workers who become ill on the job. Many errors and omissions policies also come bundled with general liability policies to provide extra protection from customer damages or injuries that might occur while on your premises.
Real estate firms need a comprehensive E&O insurance policy in order to survive, whether as solo agents or part of large corporate brokerages. A single claim could bankrupt your firm while legal action could further harm its reputation and erode future clientele – this is why it’s imperative that real estate firms secure coverage at reasonable rates from an established insurer.
Our experienced team of licensed and insured agents is dedicated to helping you select the ideal errors and omissions coverage for your real estate company. As experts at writing policies specifically tailored for real estate professionals, we understand their unique issues. With tailored coverage at competitive rates paired with outstanding customer support services and support. Contact us now for a quote or more information about errors and omissions insurance for real estate professionals!