The Benefits of Essential Errors and Omissions Coverage for Residential and Commercial Real Estate

If you work in the real estate business, you may already have some insurance coverage in place but could be lacking commercial and residential real estate e&o insurance. This crucial coverage type can protect real estate agents and others in the industry from several types of professional risks.

The Real Estate Industry Faces Regular Lawsuit Risks That E&O Insurance Could Help Mitigate

Unfortunately, real estate comes with a number of risks that could lead to lawsuits. With errors and omissions insurance, you may be able to lessen the expenses of some of these lawsuits and enjoy other protections as well. Examples of common real estate lawsuit topics include:

  • Structural or construction defects
  • Failure to complete required inspections
  • Misrepresentation or negligence
  • Loss of real estate deposit
  • Errors on paperwork such as closing documents

Your Real Estate Business Could Receive Multiple E&O Protections

By getting an E&O policy, you can help provide several types of key protections for your business, whether you sell residential or commercial properties. Some key types of coverage might include:

  • Pricing per transaction
  • Lockbox coverage
  • Legal consultations and advice
  • A lowered deductible in some cases

For many professions in the real estate business, commercial and residential real estate e&o insurance is critical to covering key vulnerabilities. The right errors and omissions policy could offer you critical professional protections.