Insurance for Real Estate Agents
Real estate operations often center around expensive transactions. With large sums of money changing hands—whether it be for a purchase or lease agreement—a small error, unfortunate accident or slight oversight can lead to serious consequences. Even the most careful and considerate real estate companies must consider several different insurance coverages to minimize the potential ramifications of a mistake.
What Coverages Do Real Estate Agents Need?
While operating a real estate company, there are many risks to account for. Firms should strongly consider acquiring an insurance package that includes the following coverages:
- General liability provides you with protection if you are found liable for a customer suffering bodily injury, property damage, or personal or advertising injury (e.g., libel or slander).
- Commercial property protects your business’s physical assets, including your building, equipment, inventory and furniture.
- Professional liability, also known as errors and omissions insurance, is vital for protecting your firm from legal fees and lawsuits arising from mistakes made while providing your professional services, such as incorrectly listing a property.
- Workers’ compensation provides coverage for medical bills, legal costs and lost wages resulting from an employee being injured at work or developing a work-related illness.
- Commercial auto is necessary real estate agents who use vehicles for business purposes. This coverage can help pay for bodily injury and property damage arising from an accident and losses stemming from vandalism, theft or weather damage.
- Cyber liability has become more critical in recent years as cyberattacks have become more common. It covers expenses incurred due to a data breach, such as investigating the incident, repairing systems, recovering data and legal representation.
Real estate agents should research local and state laws pertaining to insurance, as certain coverages—such as workers’ compensation—may be legally required in some areas.
Get the Right Coverage
Even amid everyday operations, many things can go wrong in the real estate business. Fortunately, our agency is ready to work with you to provide an insurance package suitable for your company’s needs. Contact Elite Insurance Group today to learn more.