Residential Real Estate Requires a Sound Errors and Omissions Policy
Retaining a dependable real estate professional liability policy is essential for facing the unique challenges posed by the real estate industry. Without such a policy in place, real estate agents can experience a number of exposures, many of which carry stiff financial penalties if left unchecked.
What Is Errors and Omissions Insurance?
Also known as errors and omissions insurance, a real estate professional liability plan offers coverage in the event a client claims a company utilized negligent practices. Because these claims often result in litigation, coverage is crucial to meet the ensuing costs. Courts costs can become increasingly high rather quickly, meaning even claims without a real basis can financially ruin a company in short time.
The Right Policy Can Mitigate Risks
When immersed in residential real estate matters, there are a number of risks inherent to the industry. Such risks can include:
- Costs arising from litigation/lawsuits
- Allegations of negligence
- Failure to perform an integral service
- Covering damages associated with liability claims
In many cases, an errors and omissions plan can be tailored to a real estate firm’s exact needs. This will ensure that a business remains protected, no matter what it may face.
Stay Protected, No Matter What
Real estate professionals must secure real estate professional liability insurance in order to remain protected. Such protections are an integral part of ensuring a business can be continually successful in the event wrongdoing is alleged.