The real estate industry is more complex than it might appear from the outside and every real estate professional requires protection from insurance products that are tailored to help them meet the challenges presented by their chosen career. The policies regarding errors and omissions real estate professionals require cover numerous forms of risk exposure.
The need for insurance affects many professionals
As a general rule, errors and omissions insurance coverage is recommended for anyone who practices a profession, provides advice as a part of their job, and is required to carry professional liability by their employers or by relevant regulatory agencies. In the real estate industry, this can include:
- Real estate firms
- Independent real estate agents
- Appraisal firms
- Auctioneers and auction houses
- Independent contractors
Protection for diverse services
Depending on your specific job within the real estate field, you may be called on to provide any number of services while on the job. If a client files a claim stating that something you did, or neglected to do, ended up costing them then you need to have the means to address that claim. The cost of your legal defense, any settlement payments awarded, and other expenses can be partially or fully covered by your errors and omissions real estate professionals policy. Despite the implementation of best practices and a desire to do the best for your clients, mistakes can be made and accidents can happen. Make sure that you have a safeguard in place.