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FAQ: What is “errors and omissions” insurance in WA?

What is “errors and omissions” insurance in WA?

Errors and omissions insurance is also known as professional liability insurance. Its purpose is to protect you against lawsuits claiming that you made an error while providing professional real estate services.

This type of insurance can help cover court costs or settlements should legal action be taken against you. Without E&O insurance, it could potentially become very expensive, very fast. You would need to pay for legal services on your own, even if you are found not to be at fault.

Errors and omissions insurance is not a requirement for real estate brokers in Washington, but owning a policy should be considered because of the important protection it can provide.

Related Questions

If I pass the exam and meet all requirements will I get my WA license?

Successfully completing the steps for the state’s real estate broker license does not guarantee it will be issued. The Washington State Licensing Department will also consider your character and criminal background before making a determination as to whether you are issued a license.

What documents are required for my WA real estate license application?

It is highly recommended to set up a SecureAccess WA account to enable you to complete and submit your application online. Your broker license application should include:
Completed application
Certified completion of pre-licensure education
Criminal background report
Payment of $146.25 application fee

What is “errors and omissions” insurance in WA?

Errors and omissions insurance is also known as professional liability insurance. Its purpose is to protect you against lawsuits claiming that you made an error while providing professional real estate services.

What do I do once I have successfully passed the WA state exam?

Once you have passed the state licensing exam, you will need to take the remaining steps necessary before your license can be issued. If you have not already done so, you will need to get your fingerprints taken with MorphoTrust’s IdentoGO.

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