Whether you are currently managing a real estate company or you are thinking about starting one up, it is imperative that you secure a high-quality real estate professional liability insurance policy as soon as possible. The ideal policy should be issued by an insurance provider that has the financial backing necessary to pay out any claims, and it should include coverage for the most common types of claims that real estate agents are faced with on a day-to-day basis.
Risks Associated With Real Estate
Real estate agents have very fulfilling jobs, but they also face the possibility of being on the wrong end of a lawsuit brought against them by a client. Even the most experienced real estate agents and businesses are not exempt from making the occasional mistake. Even if a claim turns out to be unfounded, real estate agencies must still pay for legal costs related to their defense. The right insurance policy can help cover these legal costs so that real estate businesses do not suddenly find themselves facing bankruptcy.
A few of the most common claims brought against real estate agents include:
- Closing delays
- Failure to adequately inspect property
- Failure to reveal material facts
- Failure to recommend a fair price
- Slander or libel
- Failure to provide adequate documentation or reports
Real estate agents who are faced with these risks can still come out on top if they carry real adequate real estate professional liability insurance.