Real Estate — Errors & Omissions
Errors and omissions insurance is of vital importance to those in the real estate business, including independent agents. E&O insurance protects a company against liability in the event that something has occurred accidentally or due to an omission. Any company, regardless of how strict they are about policies or how conscientious they are about the work they do, will eventually make either an error or an omission that could cost their company money. The risks are much greater in larger companies and companies that do a high volume of business.
E&O insurance is intended to help an agent or a real estate company in the event that either an error or an omission results in a lawsuit or claim of damages. However, the insurance policy only covers legitimate errors and mistakes, not intentional omissions that were done with the express purpose of facilitating a transaction. These policies act very similarly to other types of insurance policy, and it is always beneficial for the real estate agent to keep their own records to ensure that they have documentation to defend themselves with.
For more information about E&O insurance and to get a quote today contact Agape Brokers Insurance.
