How Does My E&O Policy Grow as My Business Expands?

How Does My E&O Policy Grow as My Business Expands?
September 8, 2023 Pearl Insurance
How Does My E&O Policy Grow as My Business Expands?

How Does My E&O Policy Grow as My Business Expands?

Your journey in the real estate industry is an exciting one marked by growth, learning, and adaptability. It’s undeniable that the longer a real estate professional is in the business, the more money they will earn.

However, have you considered that your risk also evolves alongside your business? Thankfully, your errors & omissions (E&O) policy is not a static document but a flexible safeguard that grows with your business.

A study by McKissock shows the average real estate income doubles after year one.1

Tailored Coverage Throughout the Years

As you continue your career, your real estate ventures may adapt and expand, but your E&O policy is designed to keep up with every change you decide to make. It’s more than just a piece of paper—it’s a comprehensive strategy that evolves with your business’ specific needs.

It is vital to work closely with your E&O insurance company to ensure your policy adjusts to the unique challenges and opportunities you encounter. Pearl’s customer service representatives are there to understand the nuances of your business, count all factors, and algin your coverage perfectly with your evolving needs.

Changes at Renewal

Your E&O policy is just that—your policy. When you first purchase the policy, your premium will be calculated based on your business at the time. At renewal time, a year after coverage began, you will be required to report any changes to your business so your policy can be adjusted to fully cover any new endeavors.

Your team of agents may fluctuate as your business expands. Your E&O policy is unique in the fact that it seamlessly integrates any new agents added to your team. Whether they were a part of the original policy or not, bringing them under the umbrella of your coverage is a hassle-free process. Updating the number of agents is a simple task at policy renewal that ensures all your team members are protected.

Eventually, you might want to go beyond residential real estate and look into commercial real estate or agent-owned property. Your E&O policy can accommodate this expansion and can be added during your policy renewal. Pearl Insurance’s experienced customer service representatives will guide you through the process ensuring your coverage aligns seamlessly with your new endeavor.

It is meant to protect your firm however you need it to. Many things will change throughout the years, but your policy should adapt to any new ventures you undertake.

Regulatory Fluctuations

The real estate landscape is notorious for changes in regulations. Your E&O policy doesn’t merely adapt—it responds to these fluctuations in real time. Pearl Insurance continually monitors industry regulations and legal shifts to ensure your coverage remains compliant. This proactive approach shields your business from unexpected legal complications.

Claims Support

As your business grows, unfortunately, so does the possibility of a claim. Pearl Insurance has a process in place to offer you efficient and compassionate support when you need it most. We understand the urgency of resolving claims promptly so you can focus on your business.

Pearl also provides subpoena assistance (no-cost legal assistance) to insureds. Subpoena assistance is a supplementary payment, which means payments are not subject to the plan deductible and are paid in addition to the policy’s limits of liability.

Safety Net for Your Success

From the opening of your firm to your greatest achievements, Pearl Insurance has you covered. Your E&O insurance coverage expands to safeguard your interests every step of the way. Embrace your business aspirations with the confidence that your E&O policy is a true partner in your success.

Want to know more? Find out for yourself.
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1“Study: Real Estate Income Doubles After Your First Year (So Hang In There).” McKissock Learning, 2022.