Specialty Insurance for Real Estate Agents
Errors and Omissions (E&O) Insurance for real estate agents is a kind of malpractice insurance. While you don’t hold someone’s life in your hand like a surgeon might, you do handle transactions that involve a lot of money. If you or your team make a mistake in the paperwork or fail to disclose an important fact, your business could be sued.
E&O insurance covers the costs of your defense if you have a claim that suggests you made an error, were negligent, or left something out during the transaction. There are limits, based on your policy. Typically, the E&O policy costs are based on the amount of sales that go through your office.
Even if your office is extremely diligent, mistakes can happen. You may not even be at fault, but the cost of a defense will likely cripple your business, if not completely put you under. If you are found to be at fault and have to pay out a large settlement, how would you pay it? Don’t take a chance with the company that you’ve built.
E&O insurance for real estate agents excludes dishonest or criminal actions, claims against bodily injury, and damage you cause to someone’s property. E&O insurance is an additional policy that’s part of the comprehensive coverage your business needs to protect your financial assets and reputation. Discuss your liability risks with a specialized insurance agent who can find the right policy for your needs.