Mississippi Real Estate E&O Insurance

Mississippi Real Estate E&O Coverage

E&O Requirements in Mississippi

Mississippi is one of the 14 states in the United States requiring that real estate professionals carry professional liability (also known as errors and omissions or “E&O”) insurance coverage.

The Mississippi Real Estate Commission (MREC) allows real estate brokers and agents to purchase E&O from the state’s group program or any private insurance company that meets the MS real estate E&O coverage requirements.

Many MS real estate agents buy individual errors & omissions policies. Some Mississippi brokerages purchase an additional excess E&O policy in addition to the agent’s policies. While this structure has worked for some agents in MS, many Mississippi brokers who previously had their agents purchase individual coverage have been pleasantly surprised to find there is another option. A single policy that covers both the real estate agency and all of the agents can be very competitive in price and provides much stronger protection through broader coverage. 

In over half of the United States, this is the standard type of E&O for real estate agencies. As you probably can guess, there is an incredible amount of variety between E&O insurance companies. Let’s break down the important differences.

Mississippi River

How are MS E&O Policies Different?

Real estate errors and omissions (E&O) is a specialized insurance product. Many insurance agents who write the policy are unfamiliar with the details of real estate insurance coverage. Because our team focuses in real estate E&O nationwide, we know where to focus our attention when reviewing your current coverage.

Many MS E&O insurance policies include little coverage for the failure to disclose mold, fungi, and other microbes. These claims can be very costly for agencies, and many firms unfortunately end up paying denied claims out of pocket.

Most Mississippi errors & omissions policies exclude coverage for bodily injury or property damage claims which arise from your work as a real estate agent. This means if a dog bites a client while an agent is showing a house, the vast majority of E&O policies would deny the claim.

Environmental or bodily injury claims are not the only common E&O issues. Watch for exclusions or limited coverage for discrimination or fair housing claims, copyright or trademark violations, BPO’s, or defense costs.

Get E&O Options from FirmSecured

Whether your agency specializes in residential real estate near Gulfport, commercial real estate in Jackson or Southaven, or property management in Biloxi, a quality E&O policy will provide you with peace of mind in the current MS real estate market.

Our team at FirmSecured won’t just hand out cheap E&O quotes. We are helping MS real estate brokers and owners evaluate all of the real estate E&O options available to them in the current market. Our goal is to help you understand what your current errors and omissions policy covers and excludes.

Ready to Get Started on Mississippi Real Estate E&O Options?

FirmSecured is powered by Veritas Risk Management, an independent insurance agency in Northeast Tennessee, and licensed in more than 30 states, including Mississippi.

Computer, cyber

Cyber Insurance for Real Estate Agencies

Mississippi Real Estate Firms Need Cyber Liability Coverage

Over recent decades, real estate firms are increasingly becoming targets for cyber breaches of all kinds. Some real estate franchises are requiring their agencies to purchase and maintain cyber liability insurance coverage for their firm. Even if you are independent or are not required to purchase cyber insurance, many firms and considering a stand-alone policy with the increased risk of business email compromise, wire fraud, copyright or trademark lawsuits, and ransomware. Learn more about cyber liability in real estate.

Mississippi General Liability Insurance

Prefer to have 1 insurance agent for all of your liability insurance?

Most real estate brokers to have one trusted insurance advisor for their liability insurance needs. If your brokerage trusts our team with your E&O or cyber liability, we are also ready to help you find the best general liability options for MS real estate agencies. General liability insurance is one of the most common types of insurance purchased by businesses in general, and is required by many real estate franchises & E&O policies.

Real Estate agent showing a house