Why Errors and Omissions Insurance is Necessary for the Real Estate Business

Working in real estate can be a fulfilling career. Working with a wide range of properties, helping people to find a future home, workplace or investment opportunity can be exciting as well as profitable. However, in an industry with such high stakes such as real estate, insurance is vital to ensuring that reputation and assets are protected. In most coverage plans you will notice that errors and omissions are an important component. To have a more in-depth understanding about real estate E&O claims, examples can help illustrate them.

How E&O Coverage Helps

In many types of businesses, errors and omissions coverage must be included when it comes to insurance. In sum, policies outlined in E&O coverage plans should address the following:

  • Incident reporting
  • Fiduciary or receivership services
  • Coverage in cases of owned property
  • Consent to settle
  • Guaranteed defense
  • Punitive damages
  • Personal injuries
  • Criminal or fraudulent acts

When exploring plans offered by various agencies, it can be helpful to go through these real estate E&O claims examples individually to get a better grasp on how each policy would provide safeguards for each of these types of scenarios. Find the best fit for your business by choosing an insurance agency that understands these unique exposures in the real estate industry and can take the time to provide coverage details for you.

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