Working in real estate is a rewarding, exciting, and enjoyable career as brokers and agents help buyers and sellers work out their property transactions, but things can and do go wrong. It’s important to ensure that you and your business are protected with errors and omissions insurance for real estate agents.
Whether they’re helping commercial tenants find the perfect premises or assisting a young family with their first home, real estate professionals can help make dreams come true. But problems do happen, and just like everyone else realtors can make mistakes. As wonderful as it is to close a deal, getting hit with a lawsuit can be absolutely devastating.
Errors and omissions insurance, also known as professional liability coverage, is designed to help protect professionals from lawsuits claiming negligence, oversights, or other mistakes. This insurance is meant to help cover the cost of a legal defense and indemnification in the event that a broker or agent is sued. This helps to protect a company from financial ruin if an agent happens to make a mistake—or even if someone thinks that they do. Even when decided in favor of the company legal fees can cost thousands of dollars.
In today’s litigious society, going without liability coverage is not an option. That’s why errors and omissions insurance for real estate agents is so critically important.