In cases of real estate professional’s errors and omissions, insurance is not only required but also highly essential to protect both the agent and the broker. Very similar to malpractice insurance for doctors and lawyers, errors and omissions is a type of professional liability insurance that protects the professional and her/his company against an unforeseen situation caused inadvertently by an error or an omission. Specialty companies focus upon certain professions and industries. They are able to provide very specific errors and omissions policies with the required legal protection in place. Premiums for such policies will vary. error omission insurance