Errors & Omissions for Michigan Real Estate Firms
Michigan Professional Liability (E&O) Requirements
Whether you specialize in luxury real estate along Lake Michigan, operate a real estate rental or property management firm in the Grand Rapids, sell commercial real estate in Detroit, or specialize in residential real estate in Flint, one thing is the same: a solid real estate errors & omissions insurance policy will give you peace of mind in the current real estate market.
Although real estate E&O coverage is not required for Michigan real estate brokers, agents, or agencies, most MI real estate franchises require it. Most independent MI real estate firms also want a policy in place to protect their agency.
That said, real estate professional liability (E&O) coverage is not all the same. There is a lot of variety between MI real estate policies that you should be aware of. Let’s explain further…
What to Look for in MI Real Estate E&O Coverage
Many Michigan E&O policies do not provide adequate coverage for a wide variety of common claims. For example, most professional liability (E&O) policies have lower limits (sublimits) for certain categories of claims.
Be sure that your agency has coverage for contingent bodily injury and property damage claims, any property management activities, discrimination or fair housing claims, escrow, and regulatory complaints.
Many brokers often don’t realize they have lower coverage limits or no coverage for these claims until they are facing a real estate lawsuit.
Get E&O Options from FirmSecured
At FirmSecured, we make the process of obtaining E&O options simple. We are an independent insurance agency, meaning we work with most of the insurance companies doing real estate E & O to put a number of options on the table. We don’t simply want to quote cheap insurance. We will walk through your current errors & omissions coverage with you to help you compare your current policy with our options. Our goal is to be your trusted advisor as you find the strongest E&O policy for your real estate agency, at thebest price.
Ready to Get Started on E&O Options?
Fill out the form below to have our team reach out about your MI real estate professional liability options.
If you would rather bypass the form and schedule a Google Meet appointment directly on our calendar, we are looking forward to our conversation.
FirmSecured is powered by Veritas Risk Management, an independent insurance agency in Northeast Tennessee.
MI Real Estate Cyber Insurance
Cyber Liability is the General Liability of the 21st Century
Many franchises are now requiring their agencies to purchase cyber insurance because of the increasing cyber risk for agencies over the last few years. Even if your agency is independent or if your franchise is not yet requiring it, cyber liability insurance for real estate firms is quickly becoming a necessity. Learn more about cyber insurance for Michigan real estate firms.
Michigan General Liability Coverage
Protecting your Maine real estate agency from lawsuits
General Liability (GL) insurance is purchased by most businesses and real estate agencies. The coverage protects your real estate agency from a number of lawsuits and settlements. The policy covers many general businesses liability exposures, such as some bodily injury claims, personal and advertising injury, and damage to premises rented to you (to name a few). Get started on your real estate general liability options.
