Real estate agents know all the ins and outs of finding their clients the perfect homes. But many fail to realize that their own business requires adequate insurance protection as well. No matter if it is sole proprietorship working from home or brokerage with multiple employees, business insurance may be cheaper than purchasing individual policies for each risk associated with being an agent or broker.

Liability should always be your main concern as a real estate business owner, especially in regards to taking clients out to view properties. Any time someone visits one of your listings they run the risk of being injured – from tripping on steps at a property they’re viewing, to being burned by hot coffee at an open house event. General liability coverage can help cover these expenses as well as any associated legal fees.

Real estate professionals face another significant risk: auto accidents. Commercial auto insurance (or HNOA, as it is more commonly known), can cover costs related to an accident you or one of your employees causes while running work-related errands. HNOA policies usually form part of business insurance policies; it’s wise, however, to double check as some personal policies exclude business use which means an accident caused by using one of your personal cars might not be covered if involved in work-related errands.

Real estate professionals need not worry about damage or theft to their office supplies and equipment, or income replacement due to disasters such as fire. Commercial property insurance provides coverage that will allow for repair or replacement as well as income reimbursement should your office be temporarily relocated due to an incident such as this one. BOP policies offer cost-effective protection for real estate businesses.

Errors and omissions insurance provides another layer of protection, shielding you against negligence claims stemming from the work you perform for clients. Although such allegations might never be proven, errors and omissions coverage provides vital coverage against potential liability claims from unproven claims that may surface later. Workers’ compensation coverage should also be part of any real estate agent business’s portfolio as this covers medical care as well as lost wages should an employee become injured on the job; many states mandate its mandatory purchase.