Real Estate Agent Insurance and Policy Options
In the real estate industry the market often fluctuates, and so agents must have a sort of “feast or famine” attitude when it comes to opportunities. In a business as volatile as this, one cannot afford to risk financial losses due to all types of concerns, including lawsuits, loss of property (whether it is yours or your clients), injuries or even car accidents.
Insurance is the most effective way to protect your business
While fluctuations in the market will certainly affect your bottom line, the one thing you can control is the amount of risk you’re exposed to as a business owner. This can only be accomplished by securing an appropriate amount of real estate agent insurance. Agents and brokers are available that specialize in affordable, comprehensive insurance coverage for real estate professionals, which can go along way towards helping your company thrive in the face of everyday business risks and concerns.
Whether your area of expertise is as a residential real estate agent, or in commercial real estate, the right coverage is out there to fit your business model. It really is quite easy to secure specialized insurance for real estate agents and agencies from insurers providing immediate coverage from many of the top-rated real estate insurance carriers. Some of the most required policies include:
- Professional liability insurance (E&O)
- General liability
- Property insurance
- Business Owner’s Policy (BOP)
- Workers’ compensation insurance, and
- Hired and non-owned auto insurance
If you’re not sure what kinds of insurance your real estate business needs, an insurance expert can help you select and modify coverage tailored to your specific needs. E&O is perhaps the most vital coverage in that it protects against financial losses from lawsuits filed as a result of your work in the real estate profession.
No matter how carefully you perform your job, you’re always at risk, even from lawsuits that may be deemed unfounded or frivolous, and legal expenses will be required regardless of the outcome, costs that can be devastating to your current financial situation. When you have E&O coverage as part of your overall real estate agent insurance package, the insurance company helps to defend the claim and pays any settlement or judgment against you up to the limits of liability stated in the policy.