Real Estate Professional Liability Insurance
A person’s home is probably their biggest purchase in life, and they trust you with that asset. As a realtor, you have an obligation to protect that asset, but sometimes errors do occur. That’s why it is in your best interest to have professional Liability insurance also known as E&O Errors and omissions.
Whether you’re involved in residential sales, commercial sales, real estate leasing, or property management, errors & omissions insurance is important to the success of your real estate career. Nexus Insurance offers professional liability insurance to meet the needs of any size firm.
Do I Need E&O Insurance?
Errors and omissions insurance is required in most states for real estate professionals. In case a client holds you responsible for a service you failed to provide, liability insurance provides protection in a lawsuit. Your business’ survival and your own financial security is at stake when you don’t have E&O insurance.
Errors and omissions insurance will pay for any judgments against you, including court costs, up to the coverage limits on your policy. E&O insurance covers not just your mistakes, but the mistakes of employees or independent contractors you hire.
Common claims in the real estate business include negligence, misrepresentation, violation of good faith, and inaccurate advice. The kinds of risks and mistakes involved in real estate can be costly. Make sure your real estate business is protected with professional insurance.
Click here to get a free quote for E&O insurance…
General Liability vs Professional Liability
In today’s world, general liability insurance is no longer enough. A general liability policy typically addresses claims of bodily injury or property damage liability. Keep in mind that commercial general liability insurance does NOT protect you against errors, contract performance disputes, or any other professional liability issues. If you have general liability without professional liability, you are exposing yourself and taking a huge risk. Knowing the difference between these types of insurance and acquiring the right type of insurance is a critical move for your company.
Nexus Insurance Has Professional Insurance to Fit Your Real Estate Business
Our experienced insurance agents will work with you to find professional insurance that suits your needs. Some of the factors we look at include professional responsibilities, how many people will be covered, exclusions, and other pertinent information related to your specific real estate business.
Contact us now for a professional liability insurance quote…
