Do you want to know about Pearland TX errors and omissions insurance? Texas Insurance Agency is here to help you in any way we can. We have at least 40 years of experience. And we also make sure we help you, the client, and not the major insurance companies we work with. If you want a free quote, you can fill out our online form on our website.
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Texas Insurance Agency serves the greater Houston area in both Katy and Pearland.
Pearland TX errors and omissions insurance
At Texas Insurance Agency, we tailor your insurance plan where it best suits you. In addition, we offer the best rates and bundle options you can get than anywhere else. Texas Insurance Agency is your best place as a brokerage firm to help you.
Errors & Omissions Insurance
So, what are errors & omissions insurance? Well, if you’re a real estate agent, this is something you need to know. Errors & Omissions Insurance is what protects you against claims in your professional service. You can also call this professional liability insurance. Like with liability insurance or even workmen’s comp, this insurance protects you against any legal fees that come with potential lawsuits.
Errors & omissions insurance protects you from negligence claims, errors in services, omissions, misrepresentation, violations in faith dealing, or inaccurate advice. So, in effect, if someone sues you for a mistake in your professional services, this type of insurance will cover your attorney costs (anywhere from $3,000 to $150,000).
It will also cover your court costs. That includes getting a courtroom or expert witnesses. In addition, it covers administrative costs like when you have to pay court reporters or office managers. And also settlements and judgments. That can go anywhere from a couple of thousand dollars to millions of dollars.
However, errors & omissions insurance only covers claims if you file them within your policy period or extended reporting period. It also covers it if the incident happens on or after your retroactive date.
The retroactive date means incidents that happen on or after a certain day in your policy. That’s where your coverage can come from. Also, the extended reporting period helps cover claims after the policy expires.
Why Errors & Omissions Insurance is Important
If you don’t have errors & omissions insurance, your cost for liability could be really high. It can even put your business at risk of closing. And also, even if your customer drops their claim, the legal fees could still be a lot. The legal fees could be thousands of dollars. This really hurts if you’re found to be at fault, or you agree to settle the claim. You still will have to pay out of pocket if you don’t have insurance. This could be bad for your Pearland TX errors & omissions insurance.
Who Needs Errors & Omissions Insurance?
Real estate agents for sure have to get errors & omissions insurance. Claims could be made against the property they sell. They may have to pay if there’s a flaw on the property. Other people who need errors & omissions insurance are a lot in different fields.
Those people include accountants, engineers, advertising firms, educators, and marketing firms. It also includes website developers, consulting companies, barbershops, and hair salons. You can also think of print and publishing companies. And not to mention pet services like veterinary offices and pet groomers.
What Errors & Omissions Insurance Does Not Cover
Errors & omissions insurance does not cover incidents before your retroactive date. In addition, it doesn’t help with events that happen after your policy period.
Here are the things that errors & omissions insurance does not cover:
- Illegal acts or wrongdoing: Any criminal activity or deception.
- Bodily injury or property damage: You will need to get a separate general liability insurance plan.
- Employee injuries or illness that are a result of the work. If you own the company, you will need to get workmen’s compensation for this. Workmen’s comp is a requirement in many states if you have employees.
- Discrimination or harassment: Errors & omissions insurance does not cover this, but you can get employment practices liability insurance to take care of that.
Cost to buy Errors & Omissions Insurance
If you want the price down for this type of insurance, it may be important to do these certain things. These things could be making sure your employees have proper training, doing customer satisfaction checks, and checking for quality control. This will affect your cost for your Pearland TX errors & omissions insurance.
Your cost for errors & omissions insurance has several factors. It could be your business risk, and you may pay more if you’re a large company. And also, your coverage limits. The higher the limits, the more you’ll have to pay. Additionally, you also have to consider the prior claim history for your company. And finally, your location is also very important as well.
For real estate agents, errors & omissions insurance is vital. For your real estate firm, it can protect you, your agents, brokers, appraisers, and other real estate professionals. As an aside, four main areas for most claims are appraisals, property management, mortgage brokering, and agent properties.
Texas Insurance Agency will help you!
Whether you’re a real estate broker or accountant, it doesn’t matter with us. We give you the best rate and make sure it fits your needs. When you knock on our door, you can be certain you’ll get the right advice.
We know errors & omissions insurance is a lot to take in, but we can unpack it for you. At Texas Insurance Agency, we have many clients, but that doesn’t mean you’re not a priority.
When you talk to us, you’ll know you’re getting the best advice we have to offer. We work 24/7 to help you, the client. We tackle other topics like auto insurance, business insurance, liability insurance, and wholesalers insurance.
Texas Insurance Agency also tackles manufacturer’s insurance and helps with any problems for tech companies or green energy companies. And for personal insurance, it can be anything from a motorcycle to flood insurance. When it pertains to Pearland TX errors & omissions insurance, you’ll be fine with us.
Fun Facts about Pearland TX
- Pearland is 10 miles away from Pasadena.
- The Houston Zoo and Downtown Aquarium are near the city.
- Alvin Community College is in the city.
- Most of the town lies in Brazoria County.
- If you want to learn about Pearland, visit the city website.