Best E&O Insurance for Real Estate Agents and Brokers

Top 6 Errors & Omissions Insurance Providers

  1. Hiscox
  2. The Hartford
  3. Next
  4. Thimble
  5. InsuranceBee
  6. CoverWallet

#1 Hiscox

Hiscox is our first choice because it is a great place for brokers and agents to get reliable E&O insurance. For starters, their coverage is tailored to your needs and is worldwide although the claims must be filed in a US territory or Canada.

Hiscox has designed insurance policies specifically for realtors. These policies keep in mind the fact that real estate professionals are exposed to a set of unique liabilities from both buyers and sellers. The policies are meant to protect them from frivolous lawsuits. But they also offer pretty good coverage in case the allegations turn out to be true in court.

If that doesn’t sound good enough, they sweeten the deal for you with payment schedules that are quite flexible, from monthly installments to annual payments. And there are no added fees, which is a bonus.

The policies offered by Hiscox work efficiently whether you are a small firm with a few agents or sell properties as an individual on the side. And if you do get into a soup, the company will give you a dedicated representative who will help you out.

Company Features

Hiscox is a great option for small business owners. They cover over 400,000 customers who have small businesses and the company has expertise in handling claims that you might not have foreseen just yet.

They also offer insurance policies for professionals in more than 180 different jobs.

What you pay is proportional to the service you receive, which will ensure that you can grow your business without the fear of liabilities.

A Little Background

Hiscox is a very popular name in the business insurance game because, for one, they have been around since 1901 and have been offering policies worldwide. As mentioned before, they have hundreds of thousands of customers, especially in the small businesses sector, which is their primary focus.

Today, they have more than 3,000 employees in 14 different countries. Of course, their clients are all over the world.

Other Critical Factors

If your policy is eligible for automatic renewal, they will go ahead and do it without bothering you with the details.

You will get a 90-day heads up when your policy is about to expire.

Their claims executives are some of the most experienced individuals who will ever meet. The head of each division is an individual who understands the client and the industry well enough to help you out of your particular predicament.

Needless to say, they are specialists in commercial insurance which makes them particularly good at risk awareness in your industry. It also ensures that your claim is handled with care and efficiency.

#2 The Hartford

The Hartford specializes in different types of insurance, including E&O of course, for small businesses. This is a great option with multiple add-ons for consultants too.

Whether it is disciplinary proceedings or help with subpoenas, they have plans that will give you complete coverage. This company is a good option for stand-alone policy options as well as liability endorsements.

Most of their policies offer coverage up to $5 million, which is subject to change, of course. In some cases, they also offer coverage for incidents that took place before the policy kicked in. And they have a terrific rating.

They do have a few disadvantages. For instance, you can’t get an online quote or chat assistance. They also don’t offer coverage in all US states and you can report the claims only through email or fax.

Company Features

But even if you are not in the real estate business, they offer some excellent liability policies. This is especially true for those in the tech business. That includes general liabilities and insurance for commercial properties.

The Hartford is well known for its insurance for workers’ compensation. And if you have less than 50 employees, there are many benefit packages you will want to look into.

Most of these policies offer packages for 16 different types of consultants. These policies offer coverage up to $5 million with deductibles that go up to $25,000. And they offer reimbursements for clients who lost income or have expenses they incur other than legal fees when defending a claim. These are advantages that a lot of other insurance providers don’t even offer.

A Little Background

The Hartford is known as an innovator when it comes to offering casualty insurance policies. They are quite proud of their customer services and commitments in other areas like sustainability practices.

The Hartford has been in business for over two centuries which makes them sort of a pioneer in the industry. They are ambitious and known to make headway when the challenges are unexpected.

They have built the company to lead with trust and integrity which, let’s be honest, is critical in this day and age when dealing with insurance providers.

Other Critical Factors

The Hartford as a company has a few practices in place which make its argument of being trustworthy. This includes the addition of sustainability practices in its business strategy. And they do so by reporting their practices and progress in this sphere on a regular basis.

The company also proudly announces its commitment to diversity and inclusion. They make this happen by taking into account the different ideas they receive as a result of building and growing a diverse workforce.


Next Insurance has excellent E&O insurance policies that cover:

  • Not disclosing a defect or problem during a major sale which falls under business mistakes.
  • Not meeting promises like stocks that end up tanking which results in a monetary loss for your client which comes under professional negligence.
  • Forgetting to renew a policy which puts the client in jeopardy which is a missed deadline.

E&O insurance takes care of the problems that arise from any of these situations. And the policy will pay for the allegations of negligence, legal costs and the results of a court verdict.

The insurance policy payments begin at $19 on a monthly basis, but the specifics depend on the coverage you choose and your history of claims. The monthly premium also varies based on risk factors involving your industry, your company and your history (in this case, it’s history related to canceling policies before they expire, etc).

Company Features

This company is also known to help self-employed individuals and small businesses against potential liabilities. The policies are affordable and give you a shield that will also meet legal requirements when the moment comes.

They can also customize a package for commercial insurance that will work for your business model. And they have over 130,000 clients in small businesses. When you look for an online quote, they will also give you recommendations based on your requirements.

This includes combining your E&O policy with others like workers’ compensation or auto insurance, whichever is applicable to your situation.

And yes, you can choose between monthly premiums and annual payments.

A Little Background

Next has been around since 2015 and while that is not too long, the advantage is that they are tapped into the needs of business owners.

They work on the philosophy that if you are willing to bet on yourself and start a business, they are willing to help you get to the finish line. Next is all about being simple, affordable and customized.

Other Critical Factors

Another advantage with companies that think about your needs is that they are completely digital. Whether it is buying a new policy or submitting proofs and claims for an existing policy, you can do it any time of the day or week. They are available 24x7x365. And they use AI-backed tech to make sure that they use the right data and get the job done with speed and precision.

They have an excellent rating from AM Best and over 300,000 small businesses as clients. Apart from real estate, they serve over 1,000 other kinds of businesses with customized policies. Next insurance is clear about investigating claims as quickly as they can. Ordinarily, you will receive their decision in a matter of 48 hours.

#4 Thimble

Then we have Thimble which is another great option for real estate agents and brokers looking for liability insurance. This is yet another good choice, particularly for small businesses with ever-changing insurance needs.

There are a few cons to Thimble policies, of course. They are not available in every US state and they don’t offer support for claims to be filed online. You can only do so with the help of an agent. But in the scheme of things, this is a pretty good choice to make.

Company Features

Apart from real estate liability policies, they also assist more than 100 different small businesses in other industries. This includes some niche areas like event or drone insurance.

You can get an instant quote on their website in a matter of minutes. Once you have a policy, you can change its terms regarding extensions, modifications and cancellations using your smartphone. They also offer policy pauses for 30 days.

You will also get a certificate of insurance right away and you can get support for your claims any time of the day.

A Little Background

Thimble hasn’t been around for a long time, but if you take a look at their reviews, you will notice that customer satisfaction is pretty high. They have an app that makes it easy to access their services and the approval time is pretty short too.

The company came into existence in 2016 and was founded by Eugene Hertz and Jay Bregman. They used to sell one-day insurance to those who operate drones and that’s how they came up with the concept of paying for insurance only as long as you need it.

This gave them the idea to come up with a range of products that would help all kinds of businesses. Eventually, they grew their network to more than 300 different small businesses.

Other Critical Factors

This company offers affordable policies that start at $36 a month with flexible payment options. This includes coverage that lasts only for individual projects that last a few weeks or even a few days.

You will also find that applying for this insurance is quite easy and doesn’t take too long. And if you want to change the parameters of your policy, you can easily do it online. You can also choose a different term length depending on the policy of your choice.

#5 InsuranceBee

InsuranceBee works on the policy that many a time, lack of liability insurance might mean one might end up in a nightmare instead of their dream house. They understand that lawsuits are a huge drain on your finances and time.

So, getting your business liability insurance, among others, is a smart idea. This is one of the things that makes every deal a success and saves you from the pitfalls of those inevitable human errors.

There are different types of liability insurances with premiums starting from $30 a month. They will cover medical and legal expenses along with relevant compensations.

This is true even if your claim does not have solid ground to stand on. In fact, that is especially true for errors and omissions policies that start from $22.50 a month.

You will be protected from allegations made by clients that have cost them time and money. Even if the court finds you liable, your liability insurance will cover you.

They suggest adding general liability to your E&O insurance policy, but that’s a choice you get to make. Either way, filling out a form is all you need to do and you will hear from them in a day with their best offer.

Company Features

InsuranceBee also offers other insurance policies from businesses like:

Business owner’s policy or BOP starts at $41.67 per month which covers general, property and equipment liability. And you will have a few add-ons to choose from.

Then there is the business personal property insurance (BPP) which keeps your equipment like laptops, phones, furniture and even plants covered.

There’s also cyber liability insurance, workers’ compensation insurance and directors & officers insurance to keep all aspects of your business safe. And they will help you build the package quickly and efficiently in a matter of minutes. You just need to pick up the phone and call one of their advisors.

A Little Background

This company has put its entire focus on building policies that are for people who don’t otherwise find liability insurance packages. This typically consists of consulting firms and freelancers. The needs of these categories of people are hardly ever met and that’s where InsuranceBee excels.

Their goal is to make insurance accessible to all their clients easily and in an affordable manner. And when it comes to E&O insurance, they have taken it upon themselves to make sure that companies and individuals feel safe.

Other Critical Factors

InsuranceBee has a set of experts who are not just dedicated but also well-versed in the ways of your particular industry, which gives them an edge over the competition.

You can use their website to find information or contact an advisor or agent who will look into your specific needs as soon as possible. Can’t ask for much more than that, can you?

#6 CoverWallet

And finally, there’s CoverWallet which is more of a facilitator. The company is known to use proprietary tech to help clients go through their policies and pick one with ease. They have multiple carriers for different industries which is clearly applicable to real estate as well. This makes it easy to compare and contrast the terms of a policy before picking one.

Now, you have the advantage of getting online quotes within minutes. They also offer support through chat, phone and email. And when you do pick a policy, you can manage the policy and make the payments online.

It is not without its shortcomings though. The process of claims and services are different from one insurer to the other. And there may be additional charges based on your choice.

Company Features

Since CoverWallet is more of a go-between for insurers and businesses, they don’t offer policies themselves. But the advantage is that you get to look at a range of products and pick the policy that is best for you. They will list out pros and cons honestly which helps you make your decision.

CoverWallet also offers quotes from many carriers which means you get to dive into something like a database that provides you a lot more options than the policies offered by just one insurer.

A Little Background

CoverWallet is all about helping businesses get the best deal. And they do this with precision and speed, both of which are non-negotiable for you. They understand that you have a lot of tasks, so they value your time.

The processes are all online which makes it convenient and fast. With these services at hand, you can easily focus on satisfying your clients and growing your business instead of worrying about the risks.

Other Critical Factors

Since they have access to many different insurers, CoverWallet is in a position to offer many different types of insurance coverage. This is regardless of your industry and the size of your business. They are good at helping you customize policies to meet your needs without blowing a hole in your budget. And isn’t that the dream?

What Is E & O Insurance?

Errors and omissions insurance or E&O insurance is a type of liability insurance for people who work in certain industries. This protects companies and professionals working with them from legal claims like negligent actions or claims of inadequate work.

Being a real estate agent or a broker can be really lucrative. But there is a chance of human error. It means that sometimes end up making mistakes that might lead to deals falling apart.

It’s not an ideal situation, but it happens. What’s worse is when the mistakes leave agents and/or brokers vulnerable to legal action. And when that happens, E&O insurance offers you a cover.


Why Do You Need It?

Now, as you would imagine, depending on the type of policy you choose, you can get full cover against the costs of the claim made by a client.

For instance, if your client takes you to court and wins a settlement, your contract covers the entire cost of the settlement and also the legal costs you have endured in the process.

The specifics of how much can be covered, of course, depend on your specific insurance policy.

In real estate, this liability insurance can come in quite handy in specific situations like:

  • Negligence of any kind
  • Errors that led to financial losses\
  • Failure to deliver on services that were previously agreed upon
  • Disagreements that lead to lawsuits (E&O insurance will help with legal bills in case your client decides to sue you. It even helps in covering damages to an extent if you’re found guilty)

However, you must remember that often, E&O insurance does not cover:

  • Claims from before the policy kicked in
  • Claims filed in a different jurisdiction
  • Claims related to temporary employees
  • Criminal prosecution
  • Liabilities that are not listed in your policy (even if the proceedings are happening in a civil court)

The price of the policy depends on various factors like location, nature of the business and claims the insurance company paid for in the past. Obviously, a company or individual who has had a checkered past will have to pay more.

But if not, this is a pretty beneficial bandwagon to jump on. It can cost anywhere from $500 to $1,000 per annum.

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RE Agents Team