What Is Covered Under Errors and Omissions for Real Estate Agents

Real estate agents can be protected from mistakes made during the course of their business operations or professional services through real estate professional liability insurance. Also termed errors and omissions coverage, this policy will address the legal costs of dealing with a lawsuit brought by current or former clients. In real estate, this coverage is good for appraisers, agents, brokers or other real estate professionals.

Your Covered Services

Those who work in real estate cover a lot of ground. Throughout your activities, your clients expect accurate information and advice on homes or properties they are interested in. In your rush to make sure every client has the information they need, it is possible for you to overlook an important detail or make a mistake on the paperwork. Either of these events could cost your clients money, leading them to file a lawsuit against you. Your professional liability insurance can help with claims related to:

  • Errors
  • Omissions
  • Inaccurate advice
  • Misrepresentation
  • Negligence

Your Covered Costs

The expenses with a lawsuit can devastate your business, but liability insurance absorbs most of these. Coverage can help with court costs, attorney fees, settlements, judgements and administrative costs. However, each policy has a limit on coverage. Speaking to your broker about the maximum payouts allowed on a plan will let you know if your should increase your coverage limits.

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