What Real Estate Agents Should Know About Error And Omission Insurance

If you are a real estate agent, you must realize the importance of investing in quality error and omission insurance

. Commonly referred to as errors and omissions insurance or professional liability coverage in the real estate platform, this type of insurance is designed to cover real estate agents against claims that you as an agent provided faulty performance or failed to meet the standards all licensed real estate agents are held to when they become licensed. In today's litigant society, even agents who are not required to carry errors and omissions insurance are choosing to do so for their own protection. When you are comparing policies and premiums, be sure to consider the tips below and make the best investment for your future.

The first step in finding a policy that is tailored to meet your needs in the real estate industry is finding an agent or broker who specializes in commercial insurance and more specifically error and omission insurance. While some carriers do offer this form of coverage, finding a licensed insurance agent who has in depth knowledge on these plans is extremely important. The agent will need to have expertise in quoting and selecting real estate and malpractice insurance packages. The last thing you want to do s bind coverage that was not meant for you as a professional.

As a real estate agent, you may provide a variety of different services. Be sure the insurance package you are being quoted covers each and every service you provide. There is no point to bind a policy that covers on one of the several services you provide the community. If you deal on the residential and commercial platform, find a company who offers both of these coverages in one package.

One very important factor that should be considered is whether or not the insurer offers prior acts coverage. What this means is that if a claim arises that occurred before the policy inception date and you were not aware of this claim prior to binding the insurance policy, the insurance company may cover the claim if it falls within a specified period of time. These policy will be higher in premium, however if you have been in business for years before you invested in e&o insurance, you could have potential claims out there that you are not even aware of.

There are several error and omission insurance carriers that offer competitively priced insurance packages at a low cost. You must find a company that is financially stable and is dedicated to providing quality customer and claims service. With the right real estate agents e&o package, you will have the protection you need when any professional liability claim arises from nowhere.

by: Bob Roberts

POST COMMENT

Seven Insurers Sue Toyota Over Acceleration Claims Know the Basic Facts about Key Person Insurance How to Get Key Person Insurance Quotes in 3 Simple Steps Help With Securing The Ultimate Annuity Offer From Your Insurer Need Insurance, Nows The Best Time To Do So Professional Liabiilty Insurance Quotes How To Lower Your Motorcycle Fairing Insurance Costs Group Insurance Watch Philadelphia Eagles vs Houston Texans Online Game Coverage Disability Insurance Disputes - Business Overhead Title Insurance: Protecting Your Investment How Can An LTC Quote Help You Save Money And Choose The Right Insurance? Insurance In Maryland: Options Galore