Real Estate Errors & Omissions (E&O) in Utah
What you need to know about Utah Professional Liability in Real Estate
Whether you specialize in luxury real estate Park City, manage a property management or rental agency in Salt Lake City, or focus on commercial and residential real estate outside of Provo and Sandy, one thing is the same. A solid real estate professional liability (errors & omissions) policy will provide you with peace of mind in the current UT real estate market.
Although Utah real estate agencies are not required to purchase real estate E&O insurance, most Utah real estate franchises require E&O, and independent real estate firms almost always want a strong policy in place to protect their agency.
Many real estate brokers, and also insurance brokers, don’t realize that real estate E&O is a specialized insurance policy with many complex coverages. In fact, there are significant differences between most of the insurance companies offering E&O that brokers need to be aware of. Let’s explain futher…
How do E&O policies differ, and how is FirmSecured different?
The key to understanding a real estate E&O policy is the policy exclusions. Brokers often think that a given claim is covered, until they find out about some of the many real estate E&O exclusions.
For example, many policies exclude bodily injury and property damage claims arising from professional services. That is particularly an issue for professionals in property management, but this is a common claim for residential real estate agents as well. Think about all the possibilities of lawsuits in this area: a client is injured while an agent is showing a home, a property manager is sued for property damage, or a dog bites a client.
Many E&O policies contain little coverage for fair housing claims, the purchase or sale of land or property owned by an agent, broker price opinions, copyright violations, mold, or open house claims. Some policies even allow the claims expenses and defense costs paid by the insurance company to decrease the normal policy limits.
Get E&O Options from FirmSecured
Our goal at FirmSecured is to help brokers understand their current coverage. After a review of your policy together, brokers realize how valuable it is to simply be aware of current coverage gaps and issues. But we don’t stop there. Because we are an independent agency, we work with most of the insurance companies with programs for real estate E&O. This allows us to help you compare multiple options to your current policy, so you can see if there are more robust E&O options available for your firm.
Ready to Get Started on Utah E&O Options?
Fill out our short contact form below to have one of our team members reach out quickly. If you would have a conversation on Google Meet to see if our agencies are a good fit, you can schedule a discovery call directly on our calendar.
FirmSecured is powered by Veritas Risk Management, an independent insurance agency in Northeast Tennessee.
Utah Cyber Insurance for Real Estate
The Utah Real Estate Landscape is Changing...
20 years ago, most agents hadn’t heard of cyber insurance. Now, cyber breaches are in the news regularly. Some real estate franchises are beginning to require their agencies to purchase cyber liability insurance. Quality cyber liability insurance coverage is quickly becoming a necessity for agencies as ransomware, wire fraud, and business email compromise claims increase. Learn more about cyber insurance and the real estate industry.
Utah Real Estate General Liability
Want 1 trusted insurance advisor for all of your liability insurance?
We know that most brokers don’t want 3 different insurance agents for each type of insurance they are purchasing. If you trust FirmSecured with your errors & omissions and cyber liability coverage, let our team help you with your real estate general liability insurance. We have the same process for general liability that we do for cyber and E&O. Get multiple options simply, and let us help you feel confident understanding the different coverages and options for your agency.
