The real estate industry is thriving in the United States, making it a profitable time for those working as real estate agents or brokers. However, the joy of finding someone the perfect home can be quickly overshadowed by the threat of legal action over a sale that falls through or a contract that is rejected. Because of the service work that this industry requires, carrying real estate insurance can be a line of defense against lawsuits or claims of negligence during the course of the business relationship.
As indicated by the team of professionals at https://www.highlandrisk.com, there are clear distinctions between the work or status of real estate agents and brokers. Although their status is different, they share the same basic need for errors and omissions liability insurance. Even after giving their client the best attention and paying close attention to each detail of their needs and paperwork, things can happen that cause the loss of a sale or a home purchase to be rejected.
Little mistakes, whether a missed deadline or inaccurate reporting of information, can have a devastating impact on the client, who may then choose to seek retribution from their agent. In the event of a claim, founded or unfounded, an insurance policy that offers the financial backing to defend against the claim in court or meet the demands of a financial judgment award is the best way to salvage your real estate practice.