Whenever a professional works with several different clients, it is critical that the professional has some form of E&O or errors and omissions coverage. In the real estate industry, you work with a lot of different people and have a variety of risk exposures. You need to know how E&O insurance will protect you.
The Basics of E&O Insurance
E&O coverage protects organizations against lawsuits due to mistakes that lead to financial damages for a client.
E&O for the real estate sector includes coverage for:
- Residential real estate agents and brokers
- Property managers
- Title agents
- Escrow agents
- Commercial real estate agents and brokers
Real estate E&O coverage addresses specific risks within the real estate industry.
The Benefits of E&O Insurance
The major benefit of E&O insurance is that it protects you in the event of a lawsuit. A lawsuit could result in severe financial loss. Not only does E&O protect your company, but it also protects real estate companies that you represent.
E&O insurance may cover the following:
- Legal fees
- Personal injury coverage in regard to slander or libel
Now, what you cannot expect from E&O coverage is bodily injury, property damage or fraudulent acts protection.
When it comes to your real estate company, you need to be able to protect your assets. One way to protect your company is through real estate E&O coverage.