Real estate agents are expected to advise clients when purchasing and selling properties. Should an agent make a mistake when giving advice, they might be held financially responsible for any associated costs. Massachusetts agents can help protect against mistake-related risks by purchasing real estate agent insurance.
Real estate agent insurance is specialized errors and omissions insurance for professionals working in the real estate industry. Policies help protect against a variety of errors that agents could make.
Most real estate professionals in Massachusetts should carry real estate E&O insurance. This includes both agents and brokers, regardless of whether they’re part or full-time.
Agents and brokers generally should have insurance regardless of whether they work with buyers or sellers, and regardless of whether they’re in the residential or commercial markets.
What an errors and omissions policy for real estate agents covers depends on the particular terms and conditions of said policy. Depending on its terms, a policy might cover situations such as the following:
An insurance agent who specializes in errors and omissions insurance for real estate agents can go over the types of mistakes a particular policy would likely cover.
Real estate agents and brokers might need more than just errors and omissions coverage. Some coverages to consider include:
The additional coverages that a solo agent with a home office would need are obviously different from those of a multi-agent brokerage office. An experienced insurance agent can help real estate professionals select the coverages that make sense for their business.
Most real estate agents drive for work, and thus need some form of commercial auto coverage. Standard personal auto policies normally don’t cover work-related driving. Agents might get auto coverage for their work driving a few different ways:
If you’re in Massachusetts and work in real estate, let us at Garrity Insurance help you find the real estate agent insurance that you need. Our team can assist with finding errors and omissions insurance for real estate agents, and getting a policy that provides other needed coverages as well.