If you work in real estate and are looking for an insurance package that can protect you and your employees from your liabilities and risks, be sure to keep in mind professional liability insurance.
Real estate professional liability insurance is an essential component of any real estate agency’s complete coverage package.
Professional liability insurance, otherwise known as errors and omissions insurance, protects professional service providers against potentially costly claims arising from alleged mistakes. When it comes to the real estate business, the stakes are high. Large sums of money are often changing hands, and this can make for a situation in which the smallest mistake can have considerable consequences. Any time the assets of a client are at risk, the service provider is also at risk of an errors and omissions claim. Real estate agents certainly fall under this category, which is precisely why real estate professional liability insurance is so important.
This coverage can protect real estate professionals against claims of mistakes or errors in the service they provided a client. Should a claim arise, the insurance provider can shoulder the financial burden. Since everyone is human and these mistakes are bound to happen sometime, it is always a good idea to have this coverage to mitigate this particular liability. With proper real estate professional liability insurance, you and your employees can focus on the work at hand without having to worry about the financial repercussions a single claim could wreak on your company.