I would suggest professional liability insurance for all three, realtors, brokers and loan officers.

A professional liability insurance policy covers common claims like errors, omissions, negligence, misrepresentation and inaccurate advice. It will also cover violations of good faith, fair dealing and any legal charges, in case of a lawsuit.

Example? A Realtor sold a property after getting it appraised. Later the customer claimed that the property was worth less than the appraisal done by the Realtor. The policy will cover the legal costs.

To protect yourself and your company from issues related to errors and omissions, which can happen to any service provider, professional liability insurance is mandatory.