In any business, it is important to be able to cut down your overhead costs as much as possible. One area where people think they can save is on insurance. There are policies like errors and omissions real estate professionals need more than they may realize. It might seem unnecessary if you think you are a careful agent with no history of being sued. Errors can happen with any transaction, however, and even accusations can be damaging.
Any Transaction, Anywhere
There is so much paperwork involved with real estate that it is not unheard of for mistakes or errors to occur. Something can go wrong even when advising a client. Although simple errors can be a nuisance that do not cause huge problems, errors that affect your clients’ money can have dire consequences. Without an E&O policy, you could end up fixing that financial error on your own.
Even Accusations Can be Damaging
An error doesn’t necessarily have to occur in order to bring you to court. If a client thinks they have been wronged and decides to sue, you still need to somehow cover the costs of that suit—even if you are found not at fault.
There are some policies like errors and omissions real estate professionals need. Even if you think you are a meticulous agent who doesn’t make mistakes, look into an E&O policy. There can be a certain amount of comfort in knowing that it’s there if you should need it.
errors and omissions real estate professionals
If you have recently shopped for an insurance policy for errors and omissions real estate professionals then you probably know just how many options you have available to you. People new to the real estate industry are sometimes confused by these options – is it really necessary to have so many types of specific coverage? Is this coverage really suited to the real estate industry?
The right tools for the job
Regardless of their particular career field a professional requires a selection of tools to help them do their job more effectively;a policy for errors and omissions real estate professionals can be thought of as just another one of these tools. In simple terms, this policy helps protect the holder against claims filed regarding a contracted task left unfulfilled or any other loss that resulted from action or inaction on the part of the agent.
A flexible policy helps cover the bases
Though the features of each errors and omissions policy is likely to vary to some degree, you can generally expect to find the following protections and policy features:
- Subpoena assistance
- Mold endorsement
- Early claims resolutions
- Network risk
- Privacy endorsement
- Extended reported period
These and many of the other features that can be found in an errors and omissions real estate professionals policies are intended to address concerns unique to the real estate industry. At the same time these policies are comprehensive enough to serve a diverse range of real estate professionals.