Working in the real estate industry requires real estate agents to stay up to date with the latest laws, codes, and regulations of the home buying and selling market in their area. With pages of detailed information to keep-up with, it is no wonder real estate agencies are some of the most susceptible to professional liability charges for errors and omissions. The following three reasons show just how important a professional liability wholesaler can be in protecting a real estate agency.
- Today’s clients will take legal action if their expectations are not met.
In the past, legal action was a great measure that most individuals pursued in only the most extreme cases. Today, lawsuits are becoming more common. One unsatisfied customer can do some serious damage to a real estate agency that does not have proper professional liability coverage.
- The cost of legal defense can be costly for even the most frivolous lawsuits.
Whether your agency is being charged for hundreds of dollars or hundreds of thousands of dollars, legal representation is expensive. Even if a case is dismissed, the plaintiffs and defendants must pay lawyer fees. Professional liability can significantly reduce the out of pocket cost of a real estate agent being represented in court.
- An affordable policy may be lucrative in protecting your assets as an agency.
Finally, sufficient professional liability insurance may be more affordable than you think. By working closely with a reputable professional liability wholesaler you can create a policy that is designed to protect your assets and meet your budget.