Errors & Omissions (E&O) Insurance

Overview

Errors and omissions insurance (E&O) is a type of professional liability insurance that protects companies and their workers or individuals against claims made by clients for inadequate work or negligent actions. Errors and omissions insurance often covers both court costs and any settlements up to the amount specified by the insurance contract.

Victor O. Schinnerer & Company, Inc. and the National Association of REALTORS® have partnered under the REALTOR Benefits® Program to provide a first-class E&O insurance program to REALTOR® members. Schinnerer is one of the largest and most experienced underwriting managers of specialty insurance programs in the world, serving more than 46,000 policyholders in various specialty industries through independent insurance agents and brokers.


 

References

We've already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require a password.


REALTOR Be​nefits® Program Partner

Victor O. Schinnerer & Company, Inc. and the National Association of REALTORS® have partnered under the REALTOR Benefits® Program to provide a first-class E&O insurance program to REALTOR® members. Schinnerer is one of the largest and most experienced underwriting managers of specialty insurance programs in the world, serving more than 46,000 policyholders in various specialty industries through independent insurance agents and brokers.

To learn more about Schinnerer's Real Estate Errors & Omissions Insurance Program, visit www.Schinnerer.com/NAR or call 301-961-9800. Be sure to mention that you are a member of the National Association of REALTORS®.

Some state associations also have carriers they recommend (check with your state association for this information). Please see this list for additional Errors & Omission Insurance Providers.

Use of E&O Insur​ance in Real Estate Firms

EO Insurance in Real Estate Firms       

Source: 2017 National Association of REALTORS® Profile of Real Estate Firms

E&O Insurance Basics

A Few E&O Tips to Watch: Certificates, Carrier Ratings and Alternative Markets, (Insurance Journal, June 5, 2017) E

How to Minimize Risks After Closing, (REALTOR® Magazine, Sept. 30, 2016)

Minding Your Es and Os (REALTOR® Magazine, Aug. 2015)

Mission: Control Your Errors and Omissions, (Wisconsin REALTORS® Association, 2015)

Risk Reduction: Covering Your Assets with Errors and Omissions Insurance, (Wisconsin REALTORS® Association, 2015)

Consider Yourself 'Served' - A Seven Step Program for Defending an E&O Claim, (Resources Magazine, Apr. 1, 2014) E

War Stories: When E&O Insurance Can Work for You, (Victor O. Schinnerer & Co., NAR Risk Management Committee)

Real estate E&O insurance: Understanding the basics, (NAR Risk Management Committee)

Choosing the Right Coverage

Agency E&O in Praise of Those That Know Their Coverages, (Insurance Journal, July 2, 2018) E

Can Your Firm Force You to Buy Its Products?, (Financialplanning.com, Sept. 6, 2017) E

How Much Insurance Does Your Small Business Need? (Huffington Post Small Business Blog, Apr. 5, 2013)

Agent/Broker Liability - An Identification of Potential Errors & Omissions Liability Issues, (CPCU eJournal, May 2010) E

E&O Insurance... What's the Best Type of Coverage?, (ActiveRain Blog, Feb. 9, 2010)

Errors & Omissions: Reduce Your Risks, Reduce Your Premiums, (REALTOR® Magazine, Apr. 2007)

E&O: Who'll Defend You?, (REALTOR® Magazine, Feb. 2007)

E&O: Show Insurers the Right Stuff, (REALTOR® Magazine, Jan. 2005)

Risk Management for Brokers

Hello, You've Been Hacked - Will your E&O policy cover you if your brokerage's intranet site is locked by ransomware?, (REALTOR® Magazine, May 2017)

Risk Management Forms and Documents for Brokerages, (National Association of REALTORS®—Risk Management Committee)

Tips for Managing Risk & Managing Reputation Bundle (Digital Download), (National Association of REALTORS®) Item #135-101

eBooks & Other Resources

eBooks.realtor.org

The following eBooks and digital audiobooks are available to NAR members:

Complete Book of Insurance (eBook)

It's All Your Fault: A Basic Guide to Personal Liability and Protecting Yourself in a Litigious World (eBook)

Books, Videos, Research Reports & More

The resources below are available for loan through Member Support. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Member Support at 800-874-6500 for assistance.

The no-lawsuit guide to real estate transactions, (New York, NY: McGraw-Hill, 2007)

Risk hotline for real estate: Learn from actual agent experiences before they happen to you!, (Seattle, OR: Classic Day Publishing, 2005)


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The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.

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