Whether you operate a real estate firm or you work as an independent agent, you need to invest in insurance coverage to protect your assets. There are many real estate activities that can cause liability concerns for you, and without taking notice and preparing a line of defense, you could find yourself in financial chaos. One of the most overlooked policies is the errors and omissions insurance real estate coverage. There are several reasons why you should secure your own personal E&O plan.
- It’s portable. If you choose to leave the firm where you work or the firm goes out of business, a personal policy will stay with you. This can be the protection you need for past activities that may have occurred through your former employer.
- It can address more than real estate. If you conduct business in other areas, such as property leasing, commercial sales, or appraisals, and E&O can be the defense you need if a situation leaves you open to a client claim of negligence or breach of duty.
The information at axisins.com advises that professional liability concerns arise in many areas. Clients who feel your services were not in keeping with industry standards of professionalism and lost out on a sale or purchase may choose to file a claim against your firm or you as an individual agent. An E&O policy can help with the costs of defense.