As a real estate professional, you face unique challenges each and every day. From showing clients properties to arranging paperwork for closings back at the office, being prepared for anything can save time and energy later. Business insurance provides invaluable financial protection when things don’t go as planned – when it matters most!
There are various insurance policies designed to safeguard real estate businesses. A general liability policy can cover costs related to slip and fall accidents as well as damage done during showings or inspections, while commercial auto policies provide coverage against expenses caused by an accident in your work vehicle.
Real estate professionals in many states must purchase workers’ compensation insurance to cover any employees who become injured during work. This coverage pays for medical costs and lost wages in case an employee becomes injured on the job, while property and contents policies provide cover if office furniture and equipment is stolen or damaged during a loss.
Errors and omissions insurance (also referred to as professional liability insurance) provides protection from claims of negligence or failure to deliver services, should a mistake in your work cause financial loss to a client. Errors and omissions coverage is sometimes required before clients will work with you; some clients even insist on it before signing contracts with you.
Dependent upon your line of business, other forms of insurance may be necessary. A surety bond may be required in some states to obtain a real estate license; cyber liability coverage could also provide great peace of mind when using electronic communications to conduct their work and protect clients’ confidential data or finances.
No matter the needs of any business, general business insurance policies provide essential foundation for every operation. Consulting a licensed insurance expert is key when making this choice – for example a real estate agent operating from their home can utilize homeowners policies with endorsements to meet professional business use. This could provide coverage for laptops, computers, cell phones and other essential tools needed for work as well as protection from damage, theft or natural disasters; while for agents operating out of commercial offices a separate policy typically must be purchased.