What type of insurance must all licensees have?

Licensees are required to have Errors and Omissions Coverage as a crucial form of insurance. This type of insurance protects professionals against claims of inadequate work or negligent actions that could lead to financial losses for their clients. In the context of the timeshare industry, which involves significant financial transactions and contractual obligations, having Errors and Omissions Coverage helps safeguard licensees against potential lawsuits stemming from mistakes or oversights in their services. This coverage ensures that they can operate with a level of security, knowing they are protected from liability that might arise from their professional activities.

Other types of insurance listed, such as General Liability Insurance, Property Insurance, and Workers' Compensation Insurance, serve different purposes and are often important for other types of businesses and professionals. However, Errors and Omissions Coverage is specifically tailored to address the unique risks associated with professional services in real estate and related fields, making it an essential requirement for licensees in this industry.