Errors & Omissions Insurance (E&O) is a very nuanced form of malpractice or professional liability insurance designed to protect yourself from lawsuits filed because of your work as a real estate professional. The more years of service and transactions you conduct, the higher exposure you have to be sued. Even if you think the demands are unfounded, these claims come with considerable legal expenses and potential financial damages that can exhaust your deductible, distract you from your business and harm your reputation. Therefore, it is important to have the right coverage for your premium investment as well as be vigilant with your education and documentation.
Our E&O Insurance blog is a resource to help real estate professionals do just that. At PBI Group we care about protecting our clients and believe in a comprehensive approach to reducing our risk.
- Education to help avoid a lawsuit: Everyone wants to be claims-free, but merely wishing for it is not good enough, there are steps you can take to improve your odds. In our blog, we will share best practices and claims scenarios and other “need to know” information to educate and increase your liability awareness.
- The Right Insurance Policy: A broad policy form designed to provide protection when and where you need it most based on your specific real estate services offered. Not all policies are created equal, some have considerable exclusions which could leave you without protection!
- Documenting the Undocumented: It is important to document the numerous conversations during a real estate transaction to provide evidence that can be referenced during a lawsuit. Today’s various forms of communications (text messages, calls, emails, social media, disclosures, contracts, etc) can make it a challenge to keep
complete records. It is important to moralize these discussions, in the event of a claim you can be confident in your records.