Due to their close, committed relationships with clients, real estate agents are highly vulnerable to errors and omissions claims. Insurance for real estate agents protects these professionals when claims arise and provides financial support in the event of a lawsuit.
Every real estate business, regardless of size, is at risk for encountering liability claims. Some of the most common reasons for filing a claim include the failure to provide adequate services, libel, slander, discrimination, and the failure to provide accurate information. One tiny error can upset a client and prompt a lawsuit. Small agencies are no safer than large firms when it comes to liability claims. Agencies that have not acquired the proper coverage are advised to do so before they encounter a potentially damaging claim.
When agencies are sued, they can expect to pay a wide variety of legal fees. By securing insurance for real estate agents, though, agencies receive invaluable compensation. Lawsuits are highly expensive affairs, and agencies put themselves in a precarious situation when they have only their own financial resources to rely on. One lawsuit can decimate an agency’s financial assets and reputation. For this reason, it is essential to have errors and omissions insurance.
Insurance for real estate agents offers comprehensive protection to agencies of all types and sizes. By securing coverage, these establishments keep their financial assets and status protected.