In the world of professional liability claims, real estate agents in the Tri-State area have their fair share of errors and omissions claims, due in large part to the ever-increasing complexities of real estate transactions. This is why so many real estate pros get New Jersey EO insurance – to reduce the risk to the real estate firms that they represent against these potential lawsuits.
Real estate deals can be fraught with unwanted surprises. Some claims arise out of situations and “discoveries” that many agents don’t realize even exist until it is too late. Some buyers don’t realize that the dream property they’ve purchased has issues that could end up costing them tens of thousands of dollars to repair or replace. Who do you think they’re going to take their anger and frustration out on?
There’s no worse feeling when selling someone a house than to have him or her later blame you for issues that pop up. Or worse, feel that you betrayed them intentionally, misleading them by not sharing all of your knowledge with them about the property. You know nothing could be further from the truth, but now it becomes a legal issue, and things can get pretty costly from here on out. Having errors & omissions insurance coverage can be an integral part of protecting your business.
Getting the right insurer relieves you of much of the concern
Accusations of negligence or the failure to perform your professional services are things that any professional services business person can be sued for, even if you haven’t made a mistake. Choosing the right insurer is an important part of the process. You need someone that specializes in businesses like yours and can tailor your coverage to the risks in your field.
An important aspect of any plan includes insurance that covers unknown claims arising from work completed before you were even insured with your present agency, going back to an agreed date.
Finally, claims responsiveness can be a difference maker. As a professional, you understand that time is of the essence, especially when you need to make an insurance claim. If your New Jersey EO claim is covered by the right agency, and filed efficiently and immediately, your insurer will see to it that you get the service you deserve and the outcome you’ve come to expect.