E&O and Malpractice INSURANCE
Insurance
E&O insurance is essential for title agents — protecting you against claims arising from errors, omissions, or negligence in the performance of your duties.
A single mistake could threaten everything
Without E&O coverage, a single mistake could lead to a lawsuit that threatens your business and personal assets. Real estate transactions involve large sums of money, complex documents, and strict legal requirements — making professional liability protection not just smart, but necessary.
Why E&O & Malpractice Insurance is a must-have for Title Agents & Lawyers
Protection Against Financial Loss
Real estate transactions often involve large sums of money. If an error in your work leads to a financial loss for a client, you could be held liable for the damages. E&O insurance covers these costs, including settlements and judgments, ensuring that your finances remain secure.
Legal Defense Coverage
Even if a claim against you is unfounded, defending yourself in court can be expensive. E&O insurance covers legal defense costs, including attorney fees, court costs, and other related expenses, so you can defend your professional reputation without draining your resources.
Compliance and Client Confidence
Many states require title agents to carry E&O insurance as a condition of their license. Even where it's not mandatory, having this insurance can enhance your credibility with clients, who will appreciate knowing that you have taken steps to protect their interests.
What does E&O insurance cover for title agents?
E&O insurance is designed to cover a wide range of risks associated with the work of title agents. While specific coverage can vary depending on the policy, here are some of the common areas that E&O insurance typically covers:
Errors in Title Searches
Title searches are a critical part of a title agent's job, and missing a lien, easement, or other encumbrance can lead to significant issues for the buyer or lender. E&O insurance covers claims arising from such errors, ensuring that you're protected if something is overlooked.
Document Preparation Errors
Title agents are responsible for preparing and reviewing documents related to real estate transactions. Mistakes in these documents can lead to delays, disputes, or financial losses. E&O insurance provides coverage for claims resulting from errors in document preparation.
Failure to Identify Legal Issues
Title agents must be vigilant in identifying any potential legal issues with a property's title. Failing to do so can lead to costly litigation. E&O insurance covers claims related to the failure to identify or disclose legal issues that affect the property.
Negligence or Breach of Duty
If a client claims that you were negligent in performing your duties or breached your professional obligations, E&O insurance can cover the costs of defending against these claims and any resulting settlements or judgments.
Claims Made After the Policy Period
Many E&O policies for title agents operate on a "claims-made" basis, meaning they cover claims made during the policy period, even if the incident occurred earlier. This is important for protecting against claims that arise from work done in the past.
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Attorneys First Insurance guarantees savings of 20% or more on your E&O coverage — or we won't quote you.