Whether you're a large company or a small firm, there's always a risk of being sued while working in the Massachusetts real estate industry. Clients' claims add stress to your job and take time and money away from your business. Pearl Insurance works with real estate professionals from Boston to Springfield and everywhere in between to help safeguard businesses like yours against loss and liability.
Our errors & omissions (E&O) insurance is a necessity if you want to protect yourself against the inevitable risks you experience in your profession.
Features of E&O Insurance Coverage
Here are some key features of E&O coverage from Pearl Insurance:
- Environmental “Failure to Advise” coverage—Automatically included
- Mold Endorsement—Limits beginning at $100,000
- Agent-Owned Property—No waiting period
- Early Claims Resolution—Deductible reduced when a claim is closed within 12 months
- Lockbox and Open House Property Damage coverage—Up to full policy limits
- Fair Housing Discrimination coverage—Covers both defense and damages
- Free 3-year extended reporting period—New policy provides free three-year trial for death, disability, or retirement when insured with us for four years
- Network & Privacy will give you protection if private client information is lost or stolen from your networks
- Public Relations—When your firm experiences possible reputation damage due to a public relations event, you are reimbursed for those expenses
- Subpoena Assistance—Offers $30,000 per policy period and no cost legal assistance when you are not party to the claim
- Not-for-profit Directors and Officers (D&O) Liability Insurance—Offers protection for not-for-profit activities
- Reimbursement of Expenses—You are reimbursed for expenses that incur when you are unable to work due to an arbitration attendance, hearing, or trial
How You Can Reduce Your Premium
Here are ways you can reduce your E&O insurance premium:
- Attend Risk Management Seminars
- Maintain an Office Procedures Manual
- Offer Home Warranties
- Earn Professional Designations.
- Use Standard Forms From Local and State REALTOR® Associations
How to Reduce Your Risk
Some key risk reduction techniques:
- Maintain well-documented files of all transactions with your clients
- Never interpret conditions of the property—leave that to the professionals
- Recommend a professional home inspection and warranty to your clients
Pearl Insurance provides risk management services and tools that help real estate professionals minimize their legal liability.
E&O Insurance for Massachusetts Real Estate
E&O insurance is a necessity for real estate professionals. Pearl is one of the leading providers of E&O insurance in Worcester, Lowell, Cambridge, and all of Massachusetts. We offer customized plans for the unique needs of real estate professionals, and we are committed to offering the coverage you need to maintain a competitive edge in the real estate market.