REAL ESTATE AGENT INSURANCE IN MASSACHUSETTS

What sorts of incidents are covered by real estate E&O insurance?

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:

• Missed Information: An agent neglects to inform their homebuyer that a house is a designated historical sight, and the buyer can’t renovate as they want to post-purchase
• Revealed Information: An agent verbally lets slip their client’s best price during negotiations, and the buyer ends up having to pay that price because of the slip
• Wrong Documents: An agent shows a buyer the wrong survey or other documents about a property, and the buyer takes action because of this
• Missed Deadline: An agent forgets to file their client’s paperwork on time, which allows the opposing party to cancel a sale/purchase that would otherwise go through
• Missed Deadline: An agent misses a deadline to cancel a deal, which forces their client to go through with a sale/purchase when they wanted out

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.

Do agents need insurance other than E&O coverage?

Real estate agents and brokers might need more than just errors and omissions coverage. Some coverages to consider include:

• Building Coverage: May protect an owned office building or leased office space
• Contents Coverage: May protect furniture, electronics and other items in an office
• Extra Expenses Coverage: May protect rental costs if an office is destroyed or damaged
• General Liability Coverage: May cover common accidents occurring at an office
• Commercial Umbrella Coverage: May provide extra liability protection

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.

Do real estate agents need auto insurance?

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:

• Some homeowners insurance policies might offer an endorsement that covers a personal vehicle when it’s driven for work
• Hired and non-owned auto policies might provide liability coverage when driving a personal vehicle for work
• Commercial auto coverage might cover agency-owned vehicles with liability and property protections

How can Massachusetts agents get real estate agent insurance?

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.