Real estate professionals face unique situations that range from property damage during showings to lawsuits from disgruntled clients. Thankfully, there are policies available to you that can safeguard against these potential hazards to your business.
Real estate agent business insurance – commonly referred to as professional liability or errors and omissions (E&O) coverage – provides coverage against legal fees, defense costs and expenses related to any claims alleging negligent behavior from you in your work. Contracts between real estate agents and clients often stipulate E&O insurance, while larger commercial umbrella packages usually also contain this type of policy.
General liability coverage is essential for real estate agents, as it covers injuries or property damage sustained during regular business operations by third parties. For example, should one of your clients trip over an extension cord and suffer serious injury, general liability can cover medical expenses and legal fees associated with that incident. Furthermore, real estate agents should consider adding business interruption coverage to their BOP to help mitigate financial losses caused by periods when operations were suspended due to damage in their place of work.
Commercial property insurance is essential for real estate agents, as it helps shield your business against losses related to ownership, maintenance or use of physical property used for conducting business activities. For instance, should an office fire or break-in cause significant damage, commercial property policies provide coverage against the cost of replacing equipment and furnishings as well as lost income from being forced to shut down for repairs.
Purchase non-owned auto insurance to cover vehicles used by you and your employees for business errands. As these vehicles will often be on the go, this policy can reduce your risk of being held liable in case any accidents happen on the job site.
Additionally to essential policies, there are additional business insurance options that can further reassure your peace of mind. Workers’ compensation is mandated in many states and can help pay for medical care and lost wages should an employee become injured on the job; cyber liability coverage offers additional financial protection from data breaches with potential costly repercussions for your business.
Are You Searching for New York Real Estate Agent Business Insurance Coverage? Reach Out to an Insureon agent now for a tailored quote that meets the unique needs of your company!