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Why You Need Errors and Omissions Insurance for Real Estate Agents

Why You Need Errors and Omissions Insurance for Real Estate Agents

Most real estate agents carry errors and omissions insurance for real estate agents, because they know all too well that clients may become dissatisfied with the work they perform. Real estate is a tricky business, and agents are not always privy to some of the little problems that can become huge issues when selling homes or other properties.

As a real estate agent, you work hard to protect your firm, your reputation and your bottom line from the various liability risks that you constantly are faced with. Real estate transactions can be quite complex, and even when a deal seemingly goes well, you may ultimately face challenges that could result from allegations that you misled the buyer, or are guilty of misrepresenting the property in question. This could include claims citing a lack of disclosures and many other possible misunderstandings.

To ensure the continued success of your business along with your reputation, you going to need to partner with a trusted carrier that can help you to manage a wide range of professional liability exposures in what continues to be an increasingly litigious environment.

E&O coverage is a must for all professionals

Professional Liability insurance, commonly referred to as errors & omissions insurance for real estate agents, covers various types of potential exposures not typically covered under any general liability policy your company may currently have in place. Often enough, general liability policies do not cover industry-specific exposures.

Errors and Omissions (E&O) insurance provides coverage against claims of negligence or mistakes that cause financial harm to another person or company such as contract error, violation of good faith and fair dealing, and the giving of inaccurate or poor advice, and helps cover both the obligation to pay damages for covered claims, as well as the cost to defend against such claims.

In addition, your insurer should work with you on risk management planning to help reduce risks from occurring. One miswritten line on a document, one late filing, or one omitted statement could be the difference between a happy client and a litigious situation. Protect your company from the possibility of financial ruin with errors and omissions insurance for real estate agents. Speak to a qualified agent today.