General Myths About Errors and Omissions Insurance
Running your real estate business takes a significant amount of time and effort. Sadly, one mishap or false accusation can hurt your reputation and leave you with legal fees. Errors and omissions insurance can help shield you and your real estate business from costly lawsuits. However, there are several myths that need to be addressed about omissions insurance for real estate agents.
The first misconception is that if you have general liability insurance, then you don’t need any additional insurance coverage such as errors and omissions insurance. Most general liability insurance plans just provide protection from physical accidents or injuries that occur.
Another common myth is that errors and omissions insurance is not affordable. Many business owners think they couldn’t possibly afford an insurance plan that covers all of their employees. However, most insurance agents are eager to help you craft a plan that meets your coverage needs at a reasonable price. Certain insurance agencies even offer specialized insurance plans that take into account the risk factors real estate agents encounter.
In the end, omissions insurance for real estate agents is about protecting you and your business from false accusations, mistakes or negligence that can occur on the job. If your realty company does not have a professional liability policy in place, then you may want to consider getting one.