South Carolina Real Estate Errors & Omissions (E&O)
Like the neighboring states of North Carolina and Georgia, South Carolina does not currently mandate real estate errors and omissions insurance coverage for SC real estate agents.
That said, many SC real estate franchises require E&O insurance, and all real estate firms in South Carolina usually carry errors and omissions coverage for peace of mind and financial security.
Whether your agency is known for Hilton Head luxury real estate, Myrtle Beach property management, Greenville commercial real estate, and Columbia or Charleston residential homes, a strong professional liability policy is essential.
Are Most SC Real Estate E&O Policies the Same?
Many professional liability policies in South Carolina exclude contingent bodily injury and property damage claims. This means that if a client is injured due to a hazard the agent failed to warn them about or if a client’s property is damaged during an agent’s work, these claims could be excluded from coverage under many E&O policies.
For example, if a client trips and falls on the stairs during a house tour or if a dog bites a client during a showing, these types of claims may not be covered. Exclusions for property management activities, BPOs, discrimination/fair housing claims, and properties developed or constructed by the insured are common in many E&O policies.
Unfortunately, these exclusions can lead to costly denied claims that your firm may end up paying out of pocket. To avoid such situations, it’s crucial to understand the limitations of your E&O policy and make sure it covers the various risk associated with your real estate services.
E&O for Specialized Real Estate Services in South Carolina
If your real estate agency in South Carolina is a “full service” agency and/or offers more specialized services such as property management, commercial real estate, or appraisal services, you need an E&O insurance policy tailored to your specific needs and risks.
This is also true if agents at your firm flip houses, purchase property, or sell property that they own, have developed, or constructed.
It’s important to understand that most standard E&O policies may not provide sufficient coverage for more many common residential real estate claims, let alone more specialized real estate services.
Get E&O Options from FirmSecured
At FirmSecured, our team provides a thorough review of your current coverage to identify any potential gaps or risks. We work with a wide range of insurance companies in SC to offer you a variety of E and O coverage options to choose from.
Our personalized service and support will ensure that you have all the necessary information to make an informed decision that fits your business’s unique requirements and budget.
Either fill out a form or schedule a virtual consultation with our team.
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FirmSecured is powered by Veritas Risk Management, an independent insurance agency licensed in over 30 states, including in South Carolina.
South Carolina Cyber Insurance
As the real estate industry in South Carolina becomes more reliant on technology, cyber threats have become a growing concern for all parties involved in real estate transactions. From wire fraud to data breaches, cyber attacks can be devastating for your business and reputation.
To protect your real estate business in South Carolina from cyber threats, it’s important to consider cyber liability insurance. While some real estate franchises now require their franchisees to purchase cyber liability insurance, independent agencies should also take proactive steps to safeguard their business.
At FirmSecured, we can guide you through your options and help you select the right cyber insurance policy for your needs.
South Carolina General Liability Insurance for Real Estate Firms
General Liability Insurance is a vital coverage for any business in South Carolina, including real estate firms. This insurance provides protection against a wide range of general lawsuits, such as some bodily injury claims, personal and advertising injury, and damage to rented premises.
To find the right coverage for your brokerage, start by selecting the General Liability Insurance option on our form below. We can help you explore your options and choose the coverage that best fits your needs.
