Maryland Real Estate Professional Liability Insurance
Navigating the real estate market in Maryland, whether you’re directing a property management firm on the shores of the Chesapeake Bay, operating a high-end real estate agency in Baltimore, concentrating on commercial real estate in Annapolis, or focusing on residential property sales in Frederick, one truth remains the same.
Ensuring your agency is equipped with quality errors and omissions (E&O) insurance is critical for maintaining peace of mind in Maryland’s real estate market.
While Maryland, like its neighbors Virginia and Pennsylvania, does not enforce a statutory requirement for real estate professionals or agencies to carry E&O insurance, E&O widely regarded as absolutely necessary within the state’s real estate circles.
Are All MD Real Estate E&O Policies the Same?
In Maryland, the coverage and cost of real estate errors and omissions (E&O) insurance significantly vary. Numerous E&O policies in MD do not offer adequate protection for a variety of common professional liability claims frequently faced by real estate agents.
For example, some MD E&O policies include defense within the limits, meaning that attorney’s fees and defense costs will erode the limit of liability, leading to a smaller amount available to pay a settlement if you are liable.
Many real estate E&O policies, for example, have broad limitations for coverage on transactions involving agent-owned property or agent-owned flips.
Real estate agents and brokers in Maryland often become aware of the limitations of their insurance only after being challenged legally and discovering their coverage is insufficient. It’s crucial for them to meticulously assess their policies to guarantee they’re fully prepared for any claims that might arise.
Specialized MD Real Estate Services
For Maryland real estate firms focusing on specialized areas like property management, commercial real estate, Broker Price Opinions, appraisals, or agent-owned flips, customizing an E&O insurance policy to fit your distinctive risk profile is crucial.
Generic MD E&O policies frequently fall short in covering the intricate aspects of niche real estate activities, as well as the typical issues that arise out of residential transactions.
Collaborating with an insurance firm that has expertise in the particular challenges your operation encounters is vital. At FirmSecured, our goal is to provide you with the essential knowledge to make educated choices concerning your insurance needs.
Get an E&O Proposal from FirmSecured
At FirmSecured, we conduct a detailed review of your existing insurance coverage to pinpoint any uncovered risks or gaps.
Our collaboration with a broad network of insurers allows us to present you with a wide array of coverage possibilities.
Our mission is to equip you with comprehensive details, enabling you to select an insurance plan that precisely fits the specific demands and financial constraints of your MD real estate brokerage.
Acknowledging the distinct obstacles each real estate venture in Maryland encounters, we offer tailored advice and support.
Whether you choose to complete our concise form for us to reach out, or schedule a Google Meet Discovery Call, our committed team stands ready to assist in finding the ideal E&O insurance solution for your Maryland real estate agency.
Ready to Get Started?
FirmSecured is powered by Veritas Risk Management, an independent insurance agency based in Northeast Tennessee, and licensed in 47 states, including Maryland and the surrounding states.
Maryland Cyber Liability Insurance
In the current digital age, cyber threats loom larger than ever for everyone involved in real estate deals.
Many real estate franchise brands now require that their affiliates carry cyber liability insurance, and it’s just as crucial for independent agencies in Maryland to be aware of these dangers and take steps to protect their business.
As incidents of third-party wire fraud continue to rise, ensuring your Maryland real estate agency has adequate cyber liability insurance coverage has become more essential than ever.
FirmSecured is here to assist you in navigating through your choices and selecting a cyber insurance policy that meets your specific requirements. Get started on cyber insurance quotes by choosing the cyber option on our contact form.
Maryland Real Estate General Liability Insurance
General Liability (GL) insurance is an essential safeguard for any MD business, especially for your Maryland real estate agency.
It provides vital defense against numerous general legal challenges and business-related risks, such as some claims for bodily injury, personal and advertising injury, and damage to leased properties.
Securing General Liability insurance for your Maryland real estate agency gives you confidence that your business is protected from unexpected risks.
To review your options and secure the right coverage for your agency, simply choose the general liability insurance option on our form. We’ll reach out soon.
