What to know before a claim, a hire, or a renewal.

Most agents need errors and omissions (E&O) for professional mistakes, and often general liability, cyber, and the coverage their brokerage requires. The exact stack depends on whether you are an independent agent or run a brokerage.

E&O covers claims that you made a professional mistake, like a disclosure or advice error. General liability covers bodily injury and property damage, like a client hurt at a showing. Most firms need both.

E&O is usually claims-made, meaning the policy must be active both when the work was done and when the claim is filed. The retroactive date sets how far back covered work goes. Letting coverage lapse can erase years of protection.

Often not. Wire fraud and social engineering losses usually fall to cyber or crime coverage, not E&O. Many real estate firms have a gap here, which is why we review wire-fraud exposure specifically.

Brokerages commonly require E&O at set limits, sometimes general liability, and increasingly cyber. Requirements vary, so confirm the exact limits and policy types your brokerage or franchise mandates.

Often yes. An independent agent may not be covered by a brokerage policy, and the 1099-versus-employee line also affects workers comp. Confirm whether you are covered or need your own E&O.

It proves coverage exists at a point in time. It is evidence, not a contract, and does not add anyone to the policy. To gain rights, a party usually must be added as an additional insured by endorsement.

It varies by transaction volume, services offered, claims history, limits, and state. Property management and commercial work usually cost more than residential sales. We can compare markets to fit the firm.