Some industries in the world of business are significantly riskier than others. Real estate is one of these areas that require additional protection to avoid loss in the event of a lawsuit or other unfortunate circumstance. Real Estate professional liability insurance encompasses a range of elements that can actively protect agents and brokers during business transactions.
Protection against Claims
Sometimes a broker may come in contact with a client who is unhappy with the way business transactions were completed. Maybe the results didn’t match what they expected or maybe they were simply unsatisfied with the overall service. Protection against these claims is an objective that can be achieved through errors and omissions insurance.
Protection against Lawsuits
Depending on the severity of the case brought against an agent, it may be necessary to take it to court where a judge will decide on the consequences of the involved parties. Negotiating these costs and recovering from associated losses is nearly impossible without the right policy in place. While a company who has been sued may still face some repercussions, having errors and omissions may greatly reduce the impact of consequences.
Because dealing with real estate presents agents and brokers with significant risks, it is important to have an accompanying Real Estate professional liability policy. With adequate protection backing up all business transactions, a broker can be confident that he will have the right support and coverage when faced with a claim or lawsuit.