Professional liability coverage, also known as errors and omissions (E&O) insurance, is supplemental coverage that can protect those in real estate from mistakes made in the professional services they provide.
E&O insurance kicks in where your liability policy doesn’t provide coverage. E&O coverage can help safeguard against loss if there’s a lawsuit due to a real estate professional’s negligent act, error, or omission.
Who Does E&O Insurance Help?
E&O insurance can help protect real estate brokers, agents, appraisers and other real estate professionals. If a client sues for a mistake in the real estate services provided, this coverage can help with your incurred legal defense costs.
E&O insurance is helpful for anyone who gives advice, makes educated recommendations, designs solutions, or represents the needs of others. Wateridge Insurance Services can help you determine if this coverage is a good fit for you.
How Much Coverage Do I Need?
E&O policies usually have a limit of liability, which determines the maximum amount the policy will pay out in the event of a claim. The class of business will determine if your company is eligible for a particular insurance policy your insurer offers. However, it doesn’t necessarily determine how much insurance coverage your business should have. Rather, your risk profile and specific operations will impact the price of your policy.
Clients trust you to give accurate advice and information as a real estate professional. If you miss an important detail, it can cause financial hardship for your business. There are many factors to consider when purchasing E&O coverage.
Because this isn’t standard insurance coverage, you will want to work with an experienced agent who understands your business. Let Wateridge Insurance Services help you learn how an E&O policy could benefit your risk management program. Click here to get started on your free quote.