Your company is considered to be at risk at any time when you do business with the customer or even with the seller, do you know? This is not to scare you. Instead, it meant making you smart and making you aware of the financial losses that await you in every corner.
Real estate agents are sued against errors and omissions at all times as people choose to run their businesses. Sometimes a couple is not satisfied with the service that is provided by a real estate agent and what if they follow the advice of the agent who is at home restless for a time?
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This couple may sue the agent against errors and leave them due to bad advice and losing them financially in the process. The only way to ensure that your business is completely protected from financial risk is to personalize your errors and omissions.
Whether you are an insurance agent, a real estate agent or any other type of professional, you will never know when you are about to slip or when a client may allege that you have slipped.
Your Unique Errors and Omissions Policy
You cannot simply go to your insurance agent and ask for errors and omissions insurance. Instead, you will want to sit down with your agent and describe to the person what your business is trying to accomplish and who you do business with.
Your agent needs to understand your business inside and out, as this is the only way in which a proper errors and omissions policy can be written.