Why You Need Errors and Omissions Insurance for Your Real Estate Agency
Everybody makes mistakes, even real estate agents. That is why errors and omissions insurance for real estate agents is so important. This type of insurance will help pay for any legal fees or lawsuits levied against your company or your employees. Why is this coverage so crucial?
Accidents Do Happen
Mistakes need to be planned for. Everyone makes mistakes now and then. Planning ahead and making sure that your agency will survive a lawsuit is very important. No matter if the mistake was accidental or intentional, errors and omissions insurance is there to help. Even if your agents are absolutely perfect, unfounded claim can be filed against you. Being able to pay the legal fees necessary to prove you innocence is extremely important in that case.
Pays for Many Different Legal Necessities
Even if the lawsuit is unfounded, there can still be legal fees incurred, such as lawyer fees and administrative expenses. If the case needs to be pursued further, errors and omissions insurance can even cover court fees, expert witness fees, and many other costly necessities. In the event you are found liable, a policy could even pay the damages to the accuser.
Errors and omissions insurance for real estate agents is an absolute must for anyone working in the field. Making sure that you are covered in the event of a lawsuit being filed will allow you to keep your company afloat during hard times.