How Much Is E&O Insurance for Realtors?

How Much Is E&O Insurance for Realtors?

You devote a lot of time, effort, and energy to running a successful business, yet mistakes can happen. Professional liability insurance, often known as E and O insurance for insurance agents coverage or errors and omissions insurance, might help.

Errors and omissions insurance protects your business from claims alleging errors or omissions in your professional services. This coverage can help pay for your defense costs and legal settlements if a client or customer sues you.

According to the insureon, errors and omissions insurance for real estate companies costs roughly $55 per month or $665 per year. This coverage, also known as professional liability insurance, can safeguard your company from mistakes in the workplace that have a detrimental impact on customers. The cost is determined by the type of real estate business you have and other important operational criteria.

Which Errors and Omissions Insurance Limits Do Real Estate Companies Choose?

Errors and omissions plan with a $1 million per-occurrence limit and a $1 million aggregate limit are chosen by the majority of real estate enterprises (61 percent). Another 26% choose for insurance with a per-occurrence limit of $500,000 and a $500,000 aggregate limit.

how much is e&o insurance for realtors

The Cost Depends on Your Risk

When it comes to errors and omissions insurance, 38 percent of real estate enterprises that use insurers pay less than $600 per year and 44 percent pay between $600 and $1,200 per year. The expense rises in proportion to the likelihood of a company being sued for a professional error.

Trusted insurance firms, like us, can provide you with a quote. We’re here to answer your questions and help you through the different types of business insurance that are available. Following that, we’ll assist you in determining exactly what you require and provide you with a total for your specific business insurance costs.

Furthermore, you can become an insurance producer on your own. You can get an idea from our insurance professionals from the independent insurance brokerage firm and get to know how to become an insurance agent and file an insurance claim. Also, read our additional insurance blog on How Much E&O Insurance Do I Need? that will be useful for you.

e and o insurance for insurance agents
e and o insurance for insurance agents