Colorado Real Estate Errors & Omissions (E&O)
A quality real estate errors and omissions (E&O) policy is crucial for peace of mind in this changing Colorado real estate market.
This is true whether you manage a rental or property management firm in Denver, are the CEO of a luxury real estate agency in Colorado Springs, focus on commercial real estate outside of Boulder, or are the broker/owner of a large residential real estate brokerage in Fort Collins.
Colorado currently requires that CO real estate agents purchase and maintain E&O insurance. Most Colorado real estate franchises and vendors require E&O as well. Other nearby states that currently mandate real estate E&O insurance include Wyoming, Montana, Nebraska, New Mexico, and Idaho.
How are Colorado Real Estate E&O Policies Different?
The nuances of professional liability insurance for real estate in Colorado can be complex and varied. Each policy differing in coverage and cost. Therefore, it’s crucial to ensure that the policy you purchase is tailored to your specific needs.
Many Colorado real estate agents purchase individual E&O policies. However, a large number of CO real estate brokers have found that purchasing a single errors and omissions (E&O) policy that covers both the real estate company and agents can be a very cost-effective solution.
This approach allows brokers and owners to find a policy that provides the strongest E&O coverage for their firm, which in turn gives agents better coverage than their individual agent policies. This structure for real estate E&O is widely adopted in non-required states, like Utah and Kansas.
Coverages Many CO E&O Policies Are Missing
Many Colorado real estate errors and omissions policies and quotes lack adequate coverage for claims such as contingent bodily injury or property damage lawsuits, property management, fair housing claims, regulatory complaints, appraisals, and more.
These are just a few examples of how many CO real estate agents are exposed to common claims. If you would like to learn more about E&O coverage in Colorado, you may find our Ultimate Guide to Real Estate Errors & Omissions helpful.
Coverages Many CO E&O Policies Are Missing
If you are looking for E&O coverage tailored for your Colorado real estate agency, you have come to the right place. Our team goes the extra mile by thoroughly analyzing your current coverage with you to identify any potential gaps or risks.
We work with a variety of insurance providers to offer you a comprehensive selection of coverage options that cater to your unique needs and budget, so you can make an informed decision about your E and O.
You can easily get started by filling out our form, or scheduling a Google Meet discovery call. Our team is ready to help you secure the right E&O coverage for your Colorado real estate agency.
FirmSecured is powered by Veritas Risk Management, an independent insurance agency licensed in over 30 states, including Colorado.
Colorado Real Estate Firms and Cyber Insurance
As technology advances, Colorado real estate firms face an increasing number of cyber threats and potential risks. Some E&O and business owner policies may offer limited cyber coverage. However, many brokers now recognize the importance of obtaining standalone cyber liability insurance to protect their firms. Third-party wire fraud in particular is a major concern for Colorado real estate firms.
At FirmSecured, we help you navigate the risks and select the right coverage for your Colorado firm. To learn more, check out our Comprehensive Guide to Real Estate Cyber Liability Insurance. To get started, simply select the cyber liability option on our form below. We will help you find the the appropriate cyber liability insurance.
Protecting Colorado Real Estate Agencies with GL Insurance
As with most businesses in Colorado, real estate agencies also need to purchase general liability (GL) insurance coverage to safeguard themselves against general liability.
To explore your options for real estate general liability insurance in CO, simply select that checkbox on our form below. We will provide you with several options so you can find the appropriate coverage to safeguard your brokerage.
