Why E&O Insurance?
For many real estate brokers and agents the driving force behind purchasing professional liability insurance is a requirement to have coverage in place before listing REOs. However, even the most careful organizations can find themselves facing an unexpected law suit. Purchasing insurance coverage gives you the piece of mind to focus on your business while someone else manages your claim.
What should I expect as I obtain insurance?
Your BrokerLiability.com broker makes review and purchase process as easily as possible:
- The first step is to get a sense of what your company currently purchases, what it’s past history is and how you plan to grow.
- After discussing your firm we assemble a submission for insurance company underwriters and approach the ones we expect to be most competitive.
- After negotiating quotes on your behalf we work together to determine the best deal for your organization.
Click here to get started with us.
What do you services cost our company?
Generally nothing. As subject matter experts we can quickly give our real estate clients an opinion on both the pricing and terms of their errors & omissions insurance policy. If do end up placing a better policy for you we will earn a commission. We do not act as an agent of any realtor’s E&O companies and earn a transparent commission we happily disclose.
What insurance companies do you represent?
As specialists we have direct access to the major Real Estate E&O insurers, which lowers the commissions loaded into your policy. Most generalist agents must go through a specialty broker to obtain quotes. There are currently two dozen insurance companies offering terms, each with a preferred client profile.
Is my firm too small to need insurance?
Generally the smaller a firm the more catastrophic the legal bills are for an unexpected lawsuit. With policies starting at $500 a year and options to pay by the transaction, we can structure a program for any size organization.
What other insurance products are available to my real estate brokerage?
We specialize in the professional liability and management liability insurance products needed by real estate firms in the current legal environment. This includes:
• Workers Compensation, General Liability, Property and other standard coverages
• Employment practices liability to protect against claims from employees
• Crime or Fidelity to insure against theft by an employee
• Fiduciary liability if you manage a retirement plan
• Directors and Officers insurance provides a defense against allegations of mismanagement by partners or investors
Please contact us to discuss whether these insurance products might be right for your firm.
Will my REO properties be covered?
Our firm specializes in responding to your individual company’s needs. If your firm lists Real Estate Owned properties for sale, we will work with your insurance company to make sure that this is covered and that the bank you are working with is listed as an additional insured, pursuant to the Master Servicing Agreement used.
How does claims made insurance work?
Real estate professional liability policies operate on a claims made basis, the video below is a short example of how this works:
Do you offer payment plans for my insurance premium?
Yes. Many insurance carriers offer payment plans or allow you to purchase your policy on a credit card. For larger clients we having banking partners that can provide premium financing quotes at very attractive APRs.