What is the minimum amount of errors and omissions insurance a broker must carry?

The minimum amount of errors and omissions insurance that a broker must carry is $1,000,000 per occurrence. This requirement is in place to ensure that brokers have sufficient coverage to protect against potential claims of negligence or inadequate work that may arise in the course of their professional activities. Having this level of insurance helps to safeguard both the broker and their clients, as it provides financial resources to address claims made due to mistakes or oversights in the services provided. This level of insurance coverage is deemed necessary to adequately cover potential damages and legal fees associated with errors and omissions cases within the brokerage industry.