Errors and Omissions insurance (sometimes called Professional Liability ) protects the real estate agent, the broker, the company and all employees against claims made by customers for inadequate services provided; errors, omissions or negligent acts.
Errors & Omissions insurance can cover defense expenses and settlements up to the limits of insurance specified on the declaration pages of the insurance policy.
In addition, a Real Estate Errors & Omissions policy can be endorsed or expanded to cover the unique exposures inherent to providing other real estate services such as property and land management services, real estate appraisal services for a fee and auctioneering of real or personal property.
If you are a resident of a State that requires you (the agent) to purchase Errors and Omissions insurance we can still assist. Our policies are entity policies and therefore stay with the company, no matter the employment status of the Agent. We recommend that you purchase our Errors and Omissions insurance in addition to the State mandated coverage.