How Much Is Errors and Omissions Insurance for Real Estate Agents?

How Much Is Errors and Omissions Insurance for Real Estate Agents?

E and O insurance for insurance agents is a type of specialized liability insurance that protects you from damages that aren’t covered by standard liability insurance. It defends you and your company in the event that a client sues you for financial loss caused by negligent acts, errors, or omissions committed during commercial activities.

According to the insureon, errors and omissions insurance for real estate brokerage 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.

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.

how much is errors and omissions insurance for real estate agents

Who Needs Errors and Omissions Insurance?

If you’re in the business of offering a service to clients for a price, you’ll require errors and omissions insurance. Printers and building-trades contractors, such as electricians, plumbers, HVAC installers, and sheet metal workers, are often covered by E&O insurance.

E&O insurance is usually tailored to a company’s or industry’s specific needs. A printer, for example, faces distinct dangers than an electrician. Both require liability insurance, but each requires coverage that is entirely different.

Errors and Omissions Policies Cover:

  • If you are the business owner
  • If you are a salaried employee or wages earner
  • Subcontractors working on behalf of your business

What is included in Errors and Omissions Coverage?

You don’t know when your customers or client may sue you. No matter how much you try to avoid them, mistakes may happen at any time. So, it’s always the best thing to get the errors and omissions coverages beforehand. But what do the Errors and omissions Covers?

  • Negligence
  • Errors
  • Omissions
  • Misrepresentation
  • Violation of good faith and fair dealing
  • Mistakes made by temporary staff and contractors

Furthermore, find an agent to get some ideas on how to start an insurance agency. And get yourself some insurance leads with help of our insurance professionals. They will also guide you through what is insurance broker and explain to you the insurance claim process. Lastly, get to know about E&O Insurance for Real Estate Brokerage.

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