Why you might not be protected by your Firm’s Real Estate E&O policy
As a real estate licensee, you have to worry about your assets and your financial safety. Relying on your firm to protect you in case of a lawsuit isn’t safe. There are thousands of licensees that have found this out the hard way. Some of the potential dangers can be when changing firms, your coverage may not follow — since the policy is in the name of the firm. Since your limits are shared, other lawsuits can eat away at the money available to defend and pay your claim. Your firm can lose coverage due to oversight, too many claims, financial problems, or the sale of the firm.
Make sure you cover your assets with your own policy
It’s your business and livelihood. You need personalized coverage to ensure you and your business are actually protected. For example:
- Are all of your activities actually covered by the E&O policy through your real estate broker? (frequently they’re not . . .)
- Do you have coverage for Open House and Showings (including coverage for injuries to visitors, damage to the property, or injuries or damage from your real estate signage)?
- Do you have Seller’s E&O Protection Plan to offer to potential sellers to win more listings?
- Could you be faced with tens of thousands of dollars in legal fees ̶ if the annual limit on the E&O policy through your real estate broker is exhausted by prior claims ̶ and then you have a claim or lawsuit?
Isn’t it dangerous to just hope you’ll be covered by your broker’s E&O policy should you need it? More about why you need individual E&O protection
Our comprehensive Real Estate E&O + ClaimPrevent® policies can help. No matter where you go, no matter what you do, we’ve got you covered.
Why Invest in Your Own Real Estate E&O?
- If you ever leave a company ̶ or it loses coverage, is purchased, or goes out of business ̶ you likely won’t have coverage for your past activities. Your own policy puts you in control and goes with you wherever your career takes you.
- Covers All Your Real Estate Activities. In addition to covering real estate sales, you can add coverage for other activities, including: residential leasing, property management, commercial sales or leasing, BPOs, and mortgage brokering. (Cover your appraisal or transaction coordinator activities under a separate policy).
- Fully Loaded. Get our most popular coverage for real estate professionals like $500,000 limits, Lockbox, Discrimination, Pollution, Seller’s E&O, and more! (see below)
- Proactive Issue Resolution.Your E&O policy includes our highly rated Pre-Claim Legal Services with access to top local real estate attorneys. You’ll proactively resolve small issues to help prevent claims and lawsuits.
- Dazzle Buyers with Building Permit History Reports. Show your buyers the presence or absence of permits to help reduce your liability and E&O claims (and reduce your out-of-pocket claims costs up to $2,500).
- Reduce Your Out-of-Pocket Claims Costs. Give your seller a CRES Qualified Home Warranty with up to an additional $50,000 in Seller’s E&O coverage, and eliminate your E&O retention (your out-of-pocket claims expense) up to $2,500.*
- Discounts to Office Depot®, Constant Contact® Email, Lenovo® PC Products, UPS® shipping, even Bekins® and Wheaton Van Lines moving discounts you can offer to your clients.
Individual Real Estate E&O Policy Details
- $500,000 liability limits and a $2,500 Retention (out-of-pocket claims expense limit)
- Seller’s E&O Protection Plan to help you get more listings (included if Residential Real Estate activity is selected on policy)
- Open House and Showings coverage to cover injuries or property damage that may occur during open houses, showings or other selling activities
- Lockbox coverage for injuries and property damage related to your lockbox
- Pollution/Environmental coverage (including Mold)
- Fair Housing/Discrimination coverage for defense costs and damages
- Firms and Franchisors coverage as Additional Insureds
- Coverage for Attorney’s Fees up to $500,000 (separate limit)
- “Broad Form” coverage with up to: $30,000 per subpoena, $20,000 per disciplinary proceeding, $25,000 per public relations event, $10,000 per claim for loss of earnings during legal proceedings, $15,000 per claim for non-profit director/officer activities, and $50,000 for cyber liability to hire experts and notify clients due to data breach. (NOTE: Cyber liability coverage not included in Broad Form in Massachusetts.)
- Add optional coverage for First Dollar Defense
GET A QUOTE NOW
Get an online quote anytime, buy or renew when you’re ready, and get proof of coverage immediately. If you have any questions, call 858.618.1648 anytime for prompt, personal assistance.