Insurance is a key part of any business. An insurance policy covers you in the event of an accident, error, or unforeseen circumstance. Errors and omissions insurance for real estate agents is an important part of the real estate business for those very reasons. There are a few different things that E & O insurance covers.
Legal Defense Costs
Lawsuits are always expensive. Whether they are legitimate or unfounded, there is always a high price to pay. Lawyers don’t come cheap, after all. E & O insurance covers all legal fees including, but not limited to, lawyer fees, court fees, administrative costs, and expert witness testimony.
In the event that your company is found liable of negligence, oversight, or errors, E & O insurance can help cover the damages you will have to pay to the accuser. Much like malpractice insurance for doctors, this policy is designed to help make sure that your company will continue to operate after a lawsuit. Losing your business over one mistake would be a severe and terrible punishment. Covering yourself in the event of being sued is your best bet to ensure your continued success.
Having errors and omissions insurance for real estate agents can be crucial to your business. Making sure your company can survive any lawsuits it may incur will save you a lot of stress, headaches, and possible heartbreak.