Greenville SC Real Estate Agent Errors and Omissions (E&O) Insurance
I'm Vic Morgano, a licensed South Carolina insurance agent and founder of The Morgano Agency here in Greenville since 1998. Greenville SC real estate agent E&O insurance typically runs $400 to $1,200 per year for $1 million per claim and $1 million aggregate, depending on transaction volume and prior claims. In our Greenville office we mostly write this for agents working the Augusta Road, North Main, and downtown markets, where a single missed disclosure or fair housing complaint can turn into a claim fast. Coverage handles misrepresentation, missed disclosure of defects like lead paint, fair housing violations, and contract breach, per Insurance Information Institute industry data.
Does SC require real estate agents to have E&O insurance?
South Carolina does not require real estate agents to carry E&O by state law, but nearly every brokerage I deal with in Greenville and Greenville County makes it a condition of hanging your license. Some firms provide group E&O charged back through transaction fees; others want you to carry your own individual policy. The SC Real Estate Commission does not mandate coverage, but I tell every active agent in the Upstate to carry it given how quickly a disgruntled buyer or seller can file suit.
How much does E&O cost for an SC real estate agent?
Most Upstate agents we help who close fewer than 25 transactions a year pay $400 to $700 per year for individual E&O at $1 million per claim and $1 million aggregate. High-volume agents working busy corridors like Woodruff Road or the booming areas near downtown Greenville and Travelers Rest (50+ transactions) pay $700 to $1,500. Group brokerage E&O is sometimes cheaper per agent (often $200 to $400 included in fees), but it can carry lower limits and higher deductibles than an individual policy, which is something I always walk clients through before they decide.
What does real estate E&O cover in South Carolina?
E&O for SC real estate agents covers misrepresentation of property condition, failure to disclose known defects, fair housing violations (intent or impact), breach of fiduciary duty, contract drafting errors, missed deadlines, and dual agency issues. It includes defense costs (often $25,000 to $75,000 per claim even when the complaint is groundless), which matters because, per the Insurance Information Institute, defending a baseless claim still costs real money. Excluded: intentional acts, fraud, commission disputes, license violations, and most criminal acts. For agents who also need premises and general business protection, I pair this with a general liability policy.
Are SC real estate inspection failures covered by E&O?
Inspections themselves are not covered by your E&O because the home inspector is a separate licensed professional carrying their own E&O. But your agent E&O does cover claims that you failed to recommend an inspection, recommended an unqualified inspector, or did not pass through the inspection report. So if a buyer on a 1920s Augusta Road bungalow later says you steered them away from a proper inspection, that allegation of negligent referral is the part your policy is built to defend. It does not cover the inspector's work product.
Does SC E&O cover team or assistant errors?
Most SC real estate E&O policies cover the named agent and the brokerage's licensed staff, but they require team members and licensed assistants to either be named on the policy or carry their own coverage. Unlicensed assistants are typically covered only when acting under the supervision of a licensed agent. Per the National Association of Insurance Commissioners, policy terms vary widely by carrier, so in our Greenville office we review your team structure to make sure every licensed person who touches a file is actually covered before there is a problem.
About The Morgano Agency
The Morgano Agency Inc is an independent insurance agency in Greenville, South Carolina, founded in 1998 by Vic Morgano. The agency compares rates from multiple carriers including Travelers, Liberty Mutual, Progressive, Hartford, Safeco, and Hagerty for families and businesses across Greenville County and the Upstate. Visit our E&O insurance page or call (864) 609-5285 for a quote. Find the agency on Google Maps.