REAL ESTATE PROFESSIONAL LIABILITY INSURANCE IN HOUSTON, TX
INSTANT RATER APPLICATION - Answer 6 questions and ready to bind.
The Office Product
This product provides a comprehensive bundle of coverages for over 50 specific office classes such as accountants, advertising agencies, answering services, draftsmen, insurance agencies, medical offices, real estate offices, telemarketers, ticket agencies and more.
DOWNLOAD APPLICATION HERE
Working in real estate can be a lucrative and rewarding career path. However, given the financial responsibility entrusted to you by your clients, you must also account for significant risks and exposures. Errors or oversights could have far-reaching financial ramifications for your clients, which could lead to costly lawsuits. Mistakes may occur regardless of how experienced or diligent you are; without adequate insurance, your out-of-pocket costs could jeopardize your business’s finances and future.
What Is Professional Liability Insurance?
Also known as errors and omissions (E&O) insurance, professional liability insurance is integral to any real estate company’s loss control measures. These policies provide financial protection if a client or other party accuses your business of committing an error amid its professional services that resulted in financial losses. Although your exact coverage may vary, professional liability insurance is generally able to help pay for the following:
What Is Real Estate Professional Liability Insurance?
- Legal defense
- Disciplinary proceedings
- Lost income
- Subpoena assistance
Real estate professional liability insurance, often referred to as errors and omissions (E&O) insurance or real estate malpractice insurance, is a type of insurance coverage designed to protect professionals working in the real estate industry from financial losses resulting from claims of negligence, errors or omissions in their professional services.
What Does Real Estate Professional Liability Insurance Cover?
Real estate professional liability insurance provides coverage for various claims and situations that real estate professionals may encounter in their line of work. The specific coverage can vary based on the policy and insurer, but the following are some common elements typically covered by real estate professional liability insurance:
- Breach of duty
- Contractual errors
- Failure to advise
- Legal defense costs
- Settlements and judgments
- Property management liability
- Personal injury claims
It’s important to review policy terms, conditions and coverage limits carefully when selecting an insurance policy to ensure it meets the specific needs of the individual or business.
Who Might Need Real Estate Professional Liability Insurance?
Real estate professional liability insurance is primarily used by real estate agents, brokers, property managers, appraisers and other individuals and companies involved in real estate transactions.
Why Do Real Estate Businesses Need Professional Liability Insurance?
Even daily and regular tasks may include sizable financial risk for real estate professionals. Transactions involving purchasing or leasing property are often some of the most significant investments made by your clients. Even a slight mistake could lead to costly consequences for which you may be blamed. Your company may face lawsuits arising from various alleged incidents, including the following:
- Incorrect advice
Even if accusations brought against your business are false and you are eventually found innocent of any wrongdoing, lacking adequate professional liability insurance could lead to extensive out-of-pocket legal costs.
Get the Right Coverage
We’re here to help. Having served businesses in the Houston area for over 30 years, the insurance professionals at U.S. E&O Brokers are well-equipped to help real estate professionals acquire and maintain optimal coverage. Contact us today to get started.