Washington Real Estate E&O Insurance
Washington Real Estate Errors & Omissions (E&O)
Whether you run a property management firm near Mount Rainier, own a luxury real estate agency in Seattle, specialize in commercial real estate in Olympia, or sell residential properties outside of Spokane, one thing holds true. In this evolving real estate market, having high-quality errors and omissions (E&O) coverage for your Washington-based brokerage is crucial for peace of mind.
Unlike nearby Idaho and Montana, Washington state does not presently mandate real estate agents or agencies to have E&O insurance. That said, most real estate franchises in WA require it, and it is vital for all WA real estate firms to have a policy in place to protect their brokerage and agents against costly lawsuits.
Are Most Washington Real Estate E&O Policies the Same?
In Washington, real estate errors and omissions policies can vary significantly in terms of both coverage and cost. Many real estate E & O policies in WA fail to cover some of the most common professional liability claims faced by real estate agents.
For instance, bodily injury and property damage claims are often not covered by most E&O policies, leaving agents exposed to financial risk in the event of lawsuits. This means that if a buyer is hospitalized due to mold that was allegedly not disclosed, or if a client falls during a property showing, the policy may not cover the claim.
Many E&O policies in Washington have limited coverage for fair housing and discrimination claims, as well as claims related to agent-owned property and pollution. Real estate brokers may not realize they are underinsured until they are facing a lawsuit without sufficient coverage.
It is crucial for real estate agents and brokers to carefully review their policies to ensure that they have adequate coverage for potential claims.
Unique Real Estate E&O Needs in Washington
If your real estate business in Washington offers specialized services such as property management, commercial real estate, or appraisal services, or if agents at your firm flip homes, sell property they own or developed or constructed, you need an E&O insurance policy tailored to your specific needs and risks.
Standard E&O policies may not provide sufficient coverage for specialized real estate services, let alone standard residential real estate claims. That’s why it’s essential to work with an experienced insurance agency that understands the risks associated with your specific line of business.
Our goal is to provide you with the information you need to make informed decisions about your insurance coverage.
Get an E&O Proposal from FirmSecured
At FirmSecured, we provide a comprehensive review of your current coverage to identify any gaps and risks that may exist. We work with a broad range of insurance companies to offer you a variety of coverage options to choose from.
Our goal is to ensure that you have all the necessary information to make an informed decision that fits your business’s unique requirements and budget. We understand that every real estate business is different, so we offer personalized service and support.
Whether you prefer to fill out a form or schedule a virtual consultation, our team is available to guide you through the process of securing the right E&O coverage for your Washington real estate agency.
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Washington Cyber Liability Insurance
In today’s digital age, cyber threats are an increasing concern for all parties involved in real estate transactions. While some real estate franchises now require their franchisees to purchase cyber liability insurance, independent agencies should also consider the potential risks and safeguard their firm.
With the rise of third-party wire fraud, it’s becoming more necessary than ever to protect your Washington real estate business with cyber liability coverage.
At FirmSecured, we can guide you through your options and help you select the right cyber insurance policy for your needs. Check out our Comprehensive Guide to Real Estate Cyber Liability Insurance, or get started on cyber quotes by selecting the cyber checkbox on our form.
Washington Real Estate General Liability Insurance
General Liability (GL) insurance is a critical coverage for any WA business, including your Washington real estate firm. It provides essential protection against a wide range of general lawsuits. This policy covers various risks associated with your business, including some bodily injury claims, personal and advertising injury, and damage to rented premises.
Having Washington real estate general liability insurance can give you peace of mind, knowing that your firm is protected against unforeseen risks.
To explore your options and find the right coverage for your brokerage, start by selecting the general liability insurance option on our form below.