Errors and omissions insurance helps protect real estate businesses from mistakes made in the professional services given. It can help real estate brokers, agents, appraisers and other real estate professionals. So, if a client sues your real estate business for a mistake in the services given, errors and omissions insurance for real estate can help cover your legal costs. This coverage is also known as E&O insurance and professional liability insurance.
As a real estate professional, your clients trust you to give them accurate advice and information about homes. If you miss an important detail, it can cost them money and result in a lawsuit against your business.
E&O insurance for real estate businesses can help cover claims of:If a client sues your real estate business, E&O insurance coverage can help pay your legal costs, including:
You can also increase your real estate E&O insurance coverage if you buy an extended reporting period (ERP) for your policy. This means you’ll have more time to report a claim after your policy expires.
Some examples of claims where errors and omissions insurance can help real estate professionals include your:
Errors and omissions insurance is intended for many businesses and professionals in the real estate industry, including:
Be aware that state business insurance requirements vary. For example, some states require real estate agents to have E&O coverage, such as:
Because these requirements can differ between states, it’s a good idea to make sure you understand your local laws.
We’re an insurance company that’s been helping protect businesses with real estate insurance for over 200 years. You can count on us to help you get the right coverage for your risk management plan. To learn more about E&O insurance for real estate, get a quote online today.
Last Updated: September 16, 20244 Rhode Island Department of Business Regulation, “Requirements/Application for Reciprocal Real Estate Salespersons”
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