/ BLOG

What is Errors and Omissions Insurance for Real Estate Businesses?

Aug 4, 2021 · 4 minutes to read

A happy Real Estate professional in the office

The real estate industry is an exciting one, with the potential to earn a substantial paycheck with enough knowledge and hard work. However, it’s also a field with many unique risks.

Clients rely on professionals in the real estate industry for advice and to represent their interest on their behalf. They are also spending large amounts of money, which can greatly heighten emotions. All these factors create a recipe for potential lawsuits, whether they are caused by a mistake on your part or a misunderstanding on the client’s.

This is where having the right insurance protections in place can greatly benefit your business. Errors & Omissions (E&O) insurance could help protect your real estate business.

What is E&O insurance for real estate businesses?

An E&O insurance policy (also known as Professional Liability insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing.

This includes claims alleging that you have:

  • Made an error or mistake in your work
  • Omitted relevant information
  • Acted in a negligent manner
  • Breached the terms of a contract
  • Failed to deliver professional services
  • Missed deadlines

What does E&O insurance cover?

Liability lawsuits can be lengthy, which also means they can be expensive. Without insurance coverage, these costs would fall on your shoulders. That could be potentially devastating to your real estate business and could also force you to dip into your personal savings as well.

E&O insurance helps remove the financial burden of related lawsuits by paying:

  • Legal fees, including hiring an attorney and court costs
  • Settlements
  • Judgements

How can E&O insurance protect real estate businesses?

Real estate businesses may especially benefit from having an E&O insurance policy. The types of claims mentioned above are fundamental to working in real estate.

There are so many potential moves that could kill a client’s real estate deal. A mistake in a contract, missing an important deadline, forgetting to follow through on promised work, or failing to disclose information (as well as many other events) can all result in financial loss for a client. If you are found liable, you could be ordered to compensate them for this loss.

Even if you have acted professionally and have done your due diligence, a client may still be unhappy with the service you have provided. Defending your business and professional reputation in court can be expensive, even if the claim has no merit.

E&O insurance can provide important protections to real estate businesses by shielding them against both valid and baseless claims that can be brought by clients.

Is E&O insurance the only type of cover for real estate businesses?

While E&O insurance is important for many real estate businesses, it may not be the only form of coverage that you need. Here are three other types of insurance that you might also consider for your small business:

  • General LiabilityCan protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation.
  • Business Owner’s Policy (BOP)A combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service.
  • Workers’ CompensationProtects you against medical expenses and lawsuits that can arise from employee workplace injuries and illnesses. It could also pay lost wages as a result of the work injuries that an employee sustains.

Where to find E&O insurance for real estate businesses

E&O insurance can provide real estate businesses with important coverage against many of the common liability risks faced within the industry. If you’re ready to buy a policy for your businesses, look no further than BizInsure.

By combining technology with human support, we are bringing easy and affordable insurance options to real estate businesses across the country. Busy small business owners can compare multiple quotes from top-rated insurers, buy online, and receive proof of insurance instantly!

Find E&O insurance for real estate businesses, as well as other forms of coverage that can help protect your small business.

Get Free Online Quotes and get coverage instantly

The coverage you need for your business.

Business insurance is divided into different policies. We offer 4 types so it's easy to design the coverage that fits your business.

Professional Liability Insurance

Get a quote

General Liability Insurance

Get a quote

Business Owner’s Policy (BOP)

Get a quote

Workers Compensation Insurance

Get a quote

Let's find

The coverage you need for your business

Professional Liability Insurance

Get a quote

General Liability Insurance

Get a quote

Business Owner’s Policy (BOP)

Get a quote

Workers Compensation Insurance

Get a quote

Love it
Hanna R.
1708272180
Every year, BizInsure is my go to for general and professional liability insurance! Thenrates are unbeatable.
Calandra K.
1708044666
The agent was quick and efficient in generating a quote for my needs.
Theresa F.
1707895796
I enjoy working BizInsure they always answer all my questions and make sure i have the correct coverage for my business.
Prompt and professional service from Biz Insure. Thanks Leslie and Liza!
Bev G.
1707524454
Very easy to sign up for insurance.
Great company
Brown G.
1706896003
Fast and efficient!
Kim C.
1706746693
عالی
alireza J.
1706727364
It was great being able to get a policy that suits my company's need in less than 30 minutes. They were vey thorough. Very competitively priced.
Lynette C.
1706621476
I worked with Andrea for another start up business. She was very knowledgeable and help me pick the correct policy. Amazed at how quickly the process went.
Representative was very kind, helpful, and educated me well. I appreciated today's prompt service with confirmation that I was satisfied with what was provided to me.
Tina P.
1706224051
Great company for.your low cost business insurance needs.
constantin T.
1706156911
Staff was very fessional and friendly. I was able to get a quote and move forward within 20 minutes.
Pebbles S.
1706126428
Wonderful
Complete C.
1705788054
MUY BUENO
Super easy process.
Ashley G.
1704830227
It’s very easy to understand and at a very reasonable price.
Mary M.
1703780096
Professionalism, Quality, Responsive and budget friendly
B D
1703029371
Great rates, easy to understand and select appropriate coverage, can get in a jiffy
Brie C.
1702775397
I have been a customer of BizInsure for a few years now and I love it. There customer service is awesome and the prices are affordable.
Danyale W.
1702132165
Quick easy experience! The rep was knowledgeable & pleasant. Customer care was awesome to respond and clarify my concerns.
Kathy Ann A.
1702059151
bizinsurance makes purchasing Business Insurance...SIMPLE!
Andrea W.
1701380391
Great quality of Service ,faster and convenience way to pay at most. Thank you for your Service to my Healthcare Facility .
Quick and easy!!!!
Terry
1701319042
Great service! Easy process and very informative representative. Andrea was great and very patience with our process. I would recommend using them!!
Terrance R.
1700848536
Always and easy process. Thanks!
Gerald S.
1700244544
Renewal was quick and easy online
Angelita K.
1699752900
I had a great experience working with Andrea from BizInsure. She was extremely knowledgeable, helpful, and responsive throughout the entire process. She guided me through the different options available and helped me find the perfect home care professional liability insurance policy that suited my needs. Her professionalism and expertise made the entire experience smooth and hassle-free. I highly recommend working with Andrea and BizInsure for all your insurance needs.
Juliette S.
1699032636
Easy to submit an application and to get quotes
Simone S.
1698775217
I had the most pleasant prompt and professional experience of my life with Bizinsure. Everything was completed in record time, at an unbelievable cost…and my certificate of Insurance was promptly emailed to me. Most of all it was effective immediately. No hassle no back & forth, just great service highly recommend to all small businesses.
Marcia S.
1698407456
Excellent
advanced U.
1697824466
Great service. Very professional and cordial. Thanks
Jeremiah U.
1697064641
BizInure has been a great company for our insurance needs. I wish customers services was 24/7, that would make it a five stars
Novilette L. J.
1696828014
js_loader
Google Rating
4.7
Based on 242 reviews
×
js_loader