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.