subject: The Optional Coverage that Comes with Errors & Omissions Insurance [print this page] The Optional Coverage that Comes with Errors & Omissions Insurance
It's not always easy money in the real-estate services. There are a lot of problems that arise in this kind of business. I've been a real estate agent for quite some time now and I can actually testify to how difficult things can be in the industry. I'd say I have seen the best and the worst. If by any chance that you are planning to pursue the same career as I do, then you definitely need to get yourself an errors & omissions insurance.
It's quite simple why I am suggesting the idea of getting an errors & omissions insurance: because you can never be sure how things will work out in this industry.
I didn't get myself an errors and omissions insurance until my second year in the business, but as an experienced agent, I always advice the newbies in real to get an errors & omissions insurance as a precautionary measure. Not only is it a good precautionary measure, it also has optional coverage that is very helpful in your career as a real estate agent.
You will see below some of the optional coverage and benefits that one can get from having an errors & omissions insurance:
With the insurance you have corporation coverage - This is applicable if you are under or working under a real estate corporation because this feature helps your company protect its assets. This also works for subcontractors in a company. It's quite important though that the main contractor be notified of the situation.
The insurance also offers general liability coverage - this policy covers any bodily injury that you may have and also takes care of any property damage. It also protects you with personal and advertising injuries of other agents. You will also have a policy limit of $ 1,000,000 for every occurrence.
The insurance also provides you with fidelity bond that amounts to $5,000 to $10,000. This protects your clients against any possible theft even, while you are in your residence.
The things I mentioned above are just some of the advantages you can have from an errors and omissions insurance. Dealing and processing transactions in real estate comes easier if you don't need to worry about lawsuits and other complications that may come in the way of your real estate career.
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