Virginia Real Estate Errors & Omissions (E&O)
Whether you specialize in Virginia residential real estate in Richmond, manage properties in Virginia Beach, appraise homes in Fairfax, or sell commercial real estate in Chesapeake VA, a quality real estate errors & omissions (E&O) insurance policy is crucial.
Proper real estate professional liability coverage will provide you and your agents with peace of mind in today’s changing real estate market.
Is Real Estate Professional Liability Insurance Required in VA?
Unlike the nearby states of Tennessee and Kentucky, the Virginia Real Estate Board does not currently require that real estate agents or brokers purchase E&O insurance.
However, most real estate franchises in Virginia require proof of coverage. For almost every other VA real estate agency, E&O coverage is an essential part of their risk management program.
Most insurance agents, let alone real estate brokers, understand real estate E & O. It is a unique and specialized insurance policy, so you should be looking for a team of insurance professionals focused on VA real estate insurance.
Comparing Virginia Real Estate E&O Coverages
Real estate E&O policies are not all the same. Many Virginia E and O policies are missing crucial aspects of coverage.
One example is coverage for contingent bodily injury and property damage claims. Many professional liability insurance policies in Virginia exclude claims related to these types of lawsuits, which can be problematic for real estate firms.
In addition, many E&O policies exclude coverage for property management activities, fair housing claims, copyright/trademark violations, appraisals, auctions, and the sale of agent-owned property.
Get E&O Options from FirmSecured
At FirmSecured, our team will do more than email over an E&O quote. We help brokers put in place E&O coverage tailored to their specific needs.
We help you review your current coverage to identify any potential gaps or issues. Since we work with dozens of insurance companies, we’ll take the time to review your options so you can make an informed decision about the right coverage for your real estate brokerage, all at the right price.
If you’re ready to get started on Virginia E&O options, simply complete the form below or schedule a discovery call on Google Meet with our team.
Ready to Get Started?
FirmSecured is powered by Veritas Risk Management, an independent insurance agency in Northeast Tennessee, licensed in over 30 states, including Virginia.
Real Estate Cyber Insurance in Virginia
Most brokers are concerned about the rise in cyber incidents. Some real estate franchises in Virginia are starting to require that their agencies maintain cyber liability insurance. This is because of the increasing cyber risk for agencies in recent years.
While some E&O and business owner policies can include some cyber limited coverage, brokers are beginning to find that a stand-alone cyber liability policy is quickly becoming a necessity for most firms. Real estate firms are especially increasingly at risk of liability for third-party wire fraud.
If you want to review your cyber options, simply select the cyber box on the form, or check out our Comprehensive Guide to Real Estate Cyber Liability Insurance to learn more.
Virginia Real Estate General Liability
Want 1 trusted insurance agent for your liability coverage? If you trust FirmSecured with your cyber and E&O insurance needs, we can also help with your general liability coverage.
We can gather multiple options to help you choose the coverage that best fits your risk management needs & budget.
To let us know that you want General Liability insurance options, check that box on our form.
