If you are a real estate professional in Virginia, then you want to make sure you are covered by E&O insurance. Whether you work as an appraiser or real estate agent, the detailed work you do can be complicated and intense, leaving you open to the occasional omission or mistake.
It is essential that real estate professionals from Norfolk to Virginia Beach make sure they are adequately protected. Errors and omission coverage is necessary coverage if you want to substantially reduce your risk for liability or a filed dispute.
Basic E&O Coverage: What is Protected
While E&O insurance protects the insured against claims made by clients for inadequate work or negligent actions. While E&O insurance covers liability with respect to transacting business or performing a job, business insurance is used to cover real estate operations and visitor and employee liability claims.
Protecting Virginia Real Estate Professionals from Richmond to Chesapeake
Virginia E&O insurance is designed for leasing agents, mortgage brokers, appraisers, auctioneers, property managers, and real estate agents. In addition, real estate firms take out Virginia E&O insurance to protect themselves from third-party contractual disagreements or contract-related real estate buys or sells.
E&O Policy Amenities - How E&O Insurance Protects the Insured Against a Liability Claim
Some of the amenities enjoyed by the holders of E&O insurance include:
- Subpoena assistance
- Pre-claim help
- Reimbursement of loss of earnings
- Property management coverage
- Loss prevention services
- Risk management
Necessary Protection for Virginia Real Estate Professionals
Virginia E&O insurance is must-have insurance for any real estate professional who sells homes, manages or leases properties, or appraises real estate. The coverage can also protect real estate businesses against errors and omissions related to open house events or not-for-profit activities.
E&O Benefits in the Old Dominion State
As each state in the Union features E&O insurance with its own specific protection and benefits, contact Pearl Insurance first before you sign up for a plan. Pearl Insurance can help you obtain a policy that is specific to your own real estate coverage needs as well as advise you on how to reduce your risk.