REAL ESTATE E&O
REAL ESTATE E&O QUOTE FORMS
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REAL ESTATE E&O INFORMATION
Most real estate agents know the exposure they have to this. The good news for the 1099 independent contractor real estate agent working for a broker is that unlike the brokers General Liability policy that EXCLUDES coverage for the acts of a 1099 sub, most good Real Estate E&O offers protection for the brokers real estate agents including the 1099 independent contractors. (Make sure to check your policy). In fact, the rating basis for Brokers E&O insurance is either revenue of all the real estate agents combined OR by number of real estate agents and number of closed transactions.
So, who needs E&O:
- Brokers who have real estate operations set up such as a Keller Williams Market Center.
- An independent real estate firm that has real estate agents working for them
- An individual that works as a real estate agent/broker on their own if allowed.
Real Estate E&O can be quite affordable for the smaller firms with just one or two agents. The price increases as the number of agents increases and revenues increase. Be aware of purchasing a Real Estate E&O policy that is really a “Miscelleneous E&O” policy dressed up to look like a Real Estate E&O policy. Your best bet is always to secure coverage with a true Real Estate E&O policy.