No matter how great you are at your job as a real estate agent, you may at some point decide you need errors and omissions real estate professionals insurance. This can help protect real estate professionals from claims related to an error in providing a service. Even the most careful real estate agents can run into a situation where they may be sued.
There are many instances where errors and omissions insurance could help protect a real estate agent. An agent could be sued because a sale failed to achieve an expected sales price. Or claims could arise from damage you do to someone’s property. Any kind of negligence from a real estate agent or company is at risk for lawsuits. The right E&O insurance can cover the cost of a lawsuit.
When searching for the right errors and omissions real estate professionals insurance, ask around and get some referrals. Depending on your policy, there are limits to your errors and omissions insurance so make sure you ask the agent to explain all of your options.
Another way to protect yourself is to keep careful records of everything you say and do as a real estate professional. Make note if the buyer did not want a home inspection just incase later on they come to you complaining that something in the house doesn’t work. This and obtaining errors and omissions real estate professionals insurance will help cover you and your real estate company.