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What You Need to Know About EO Coverage for Real Estate Companies

Whenever a professional works with several different clients, it is critical that the professional has some form of E&O or errors and omissions coverage. In the real estate industry, you work with a lot of different people and have a variety of risk exposures. You need to know how E&O insurance will protect you.

The Basics of E&O Insurance

E&O coverage protects organizations against lawsuits due to mistakes that lead to financial damages for a client.

E&O for the real estate sector includes coverage for:

  • Residential real estate agents and brokers
  • Property managers
  • Title agents
  • Escrow agents
  • Commercial real estate agents and brokers

Real estate E&O coverage addresses specific risks within the real estate industry.

The Benefits of E&O Insurance

The major benefit of E&O insurance is that it protects you in the event of a lawsuit. A lawsuit could result in severe financial loss. Not only does E&O protect your company, but it also protects real estate companies that you represent.

E&O insurance may cover the following:

  • Legal fees
  • Employees
  • Personal injury coverage in regard to slander or libel

Now, what you cannot expect from E&O coverage is bodily injury, property damage or fraudulent acts protection.

When it comes to your real estate company, you need to be able to protect your assets. One way to protect your company is through real estate E&O coverage.

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How to Protect Yourself With EO Coverage

If you are an insurance agent or broker, it is important to have coverage to protect you in your work. Having errors and omissions insurance for insurance agents and brokers can go a long way in helping you stay protected in case of an accident.

Protecting Yourself in Case Something Happens

Anyone can make a mistake on the job. If you work in the insurance industry and are helping a client, but accidentally make an error in your work, it’s important that you have E&O coverage, according to Axis Insurance Services. If there is a problem, clients can sue. In the event, you don’t have coverage and you owe them money, it can be deducted from your personal earnings or even any assets you own.

Options Based on Your Needs

No matter what type of E&O coverage you are looking for, there are different options based on your needs. You need to check to make sure you meet the requirements, but as long as you do, you can get started right away. This can be important if you work, especially if you find yourself busy with client orders or working alone, and want to ensure you are safe.

Getting errors and omissions insurance for insurance agents and brokers doesn’t have to seem like a daunting task. You can get the help you need and protect yourself in case a potential accident occurs by having the right insurance coverage