What is Business & Real Estate Errors and Omissions Insurance?
Business & Real Estate Errors and Omissions Insurance (E&O) is a line of coverage designed to protect businesses that specialize in all types of business and real estate related industries. It mostly covers business owners, employees, real estate agents and brokers, however it can be extended to cover landlords and a few other classifications. Just as any normal E&O policy will do, a Business or Real Estate E&O policy protects the insured against any mistakes due to negligence or breach of contract made while doing business. The coverages are tailored for this specific line of work. CLICK HERE FOR QUOTE
Why Purchase Business or Real Estate E&O?
A Business or Real Estate E&O policy can cover costs for legal defense as well as settlements for negligence and breach of contract. Hiring a lawyer or reaching a settlement out of court can cost a business a lot of money. Many small agencies do not have the ability to pay for these costs on their own. Even proving non-negligence in court can have huge costs. For example, a home inspector is hired to check a house before a couple purchases it. This inspector informs the couple about minor structural damage that should be taken care of, but it does not need to be fixed right away. A week later, that portion of the house collapses. The couple sues the home inspector for negligence. Without a E&O policy the inspector would have to pay to settle or to hire a lawyer, which could potentially ruin his business. But with the right coverage the risk of negligence can be protected. CLICK HERE FOR QUOTES
Business & Real Estate Claims Example
Claims Example: Home Buying Misrepresentation
As part of her representation services, Susan prepared a mock closing statement for her realty client. This statement was meant as a guide for her clients to use to calculate the amount of cash needed to purchase a property in their price range. The statement contained errors, causing the buyer to save less than needed to close on the home. As a result, the sale did not go through at closing due to lack of funds. The buyer sued for misrepresentation. CLICK HERE FOR QUOTES
Our Errors and Omissions insurance available through A++ rated, A.M. Best, admitted and non-admitted markets throughout all 50 U.S. states.
Coverage May Include
Protection against financial losses from lawsuits filed due to error, omission, or negligence in regard to your duties as a real estate agent(s). CLICK HERE FOR QUOTES
Environmental Pollutants coverage
Full Prior Acts coverage available
Defense outside the limit
Duty to defend
Internet coverage provided
Optional Package policy with errors & omissions, general liability and business personal property coverage. General liability includes coverage for bodily injury arising out of professional services