Real Estate Errors and Omissions in Wisconsin
WI Real Estate E&O Requirements
Whether you own a residential real estate agency in Green Bay, focus on property management in Kenosha or Milwaukee, or manage a commercial real estate firm in Madison, a solid real estate E&O policy will give you peace of mind in the current WI market.
Although real estate errors & omissions insurance is not mandated for Wisconsin real estate agencies, brokers, or agents, real estate franchises generally require it. Most WI real estate firms want a quality E&O policy in place to protect their agency.
Real estate E&O is a specialty insurance market that many insurance agents do not have experience working with. A number of real estate E&O policies in Wisconsin have exclusions, gaps, or little coverage for some common real estate errors & omissions claims. Many real estate brokers assume they have coverage for a given lawsuit until a claim is denied. These gaps leave brokers paying costs out of pocket that could have been covered by a quality E&O policy.
Let’s explain some of the important variables in Wisconsin real estate professional liability insurance.
How are Wisconsin E&O Insurance Policies Different?
Many real estate professional liability (E&O) policies have little to no coverage for pollution claims, including failure to disclose mold, or any bodily injury that arises out of these pollutants. In fact, many E&O insurance policies simply exclude all bodily injury and property damage claims arising from your professional services. Our firm has worked with brokers who can end up paying tens of thousands on these denied claims.
Other E&O common E&O issues include property management exclusions, low fair housing or discrimination claim limits, and agent-owned property coverage restrictions.
Each paragraph, endorsement, and word of your E&O policy form can mean the difference between paying a claim out of pocket, and having the insurance company pay the bill.
Get E&O Options from FirmSecured
FirmSecured is an independent agency, which means we work with a number of insurance companies with real estate E&O programs. Our goal is to simplify the process of obtaining E&O options. But we don’t simply email over cheap E&O quotes. We will review your current E&O coverage with you to compare your current program to the other available options. Our goal is to help managing/principal brokers and owners find the strongest E&O policy at the best price for their firm.
Ready to Get Started on Wisconsin Real Estate E&O?
Complete the short form below to have out team reach out shortly about your WI real estate E&O options.
Prefer to schedule a Google Meet appointment directly? You can schedule time on our calendar here for a conversation about your agency’s risk management and errors & omissions program.
FirmSecured is powered by Veritas Risk Management, an independent insurance agency in Northeast Tennessee. Our team is licensed in more than 30 states, including Wisconsin.
Wisconsin Real Estate Cyber Insurance
How is your agency protected from cyber incidents?
Some real estate franchises are now requiring that their agencies purchase cyber liability insurance. The increase of cyber risk for smaller businesses, and real estate agencies in particular, has increased over the past few years. If ransomware, phishing scams, funds transfer fraud, and social engineering, and email compromise concern you as a broker, it’s time to start considering cyber liability insurance options. Learn more about cyber insurance in real estate here.
Wisconsin General Liability Coverage
Prefer 1 agent for your real estate liability insurance needs?
General liability insurance coverage is purchased by most real estate agencies. This policy protects your real estate agency from a wide variety of general business liability and lawsuits. If you trust our firm with your errors & omissions or cyber liability, we can also assist your agency with general liability coverage. To get started on options, fill out our short form. Our team will reach out shortly.
