Taking Precautions By Buying Errors & Omission Insurance For Your Company

September 20, 2012

Of the many different types of insurance that are available, you may or may not have heard about one called errors & omission insurance. This type of insurance policy is one that is used by companies or individuals that want to protect themselves against lawsuits. Errors & omission insurance real estate agents is an insurance plan that is very similar to what medical professionals refer to as malpractice insurance. The coverage is designed to protect those involved from finances loss due to lawsuits that arise from mistakes in the real estate field. Mistakes are always made regardless of how careful you are. These small mistakes can end up costing you or your company millions of dollars in legal fees and what you have to pay out. Obviously, this is devastating to most businesses and can put the business out of business very quickly. The biggest thing that is not covered by errors & omission insurance real estate agents are claims that are due to dishonest and criminal acts, causing harm or death to a person, and damaging someone’s property. While these may not be covered directly by E&O insurance, you can get coverage from other policies.

Take all of the precautions that you can so you can avoid being sued in the first place, but know that in an emergency, you will have insurance coverage. For more information on errors & omission insurance real estate agents through the Axis Insurance company.

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