Real Estate Agents Insurance
Lawsuits against real estate agents are common due to the nature of the job. Some common causes include misrepresentation, failure to disclose defects, and other issues that arise in the sale of a property.
A business owner’s policy (BOP) protects you from lawsuits against your business that could lead to financial loss. The policy protects your business by mitigating risks and exposures.
Cost of Real Estate Agent Insurance
The cost of general liability insurance for real estate agents will depend on the location, size, and business experience.
Types of Insurance for Real Estate Agents
Real estate agent insurance combines three policies into one coverage. General liability, professional liability (Errors and Omissions), and commercial auto. A real estate agent can be sued for many reasons. For example, if a potential buyer falls while viewing the property or the property gets damaged during an open house. The policy provides coverage from liability and costs that may arise.
Protects the agent against lawsuits that arise due to injuries to clients or employees in the course of work. It protects you from liability claims in case someone falls and gets injured.
Business property damage coverage
It protects your equipment in case they are damaged, by replacing them.
Errors and Omissions
E & O protects the real estate agent against lawsuits brought by the nature of their work. For example, an agent can give a clean bill for a house inspection. However, in case the new owners find a problem that was overlooked, they can sue. Without this coverage, the agent would have to pay personally for damages if found to be at fault. It can end up being quite costly.
Loss of business income
If your business is forced to close doors, the policy pays for lost revenue you would have been receiving if it was operational.
Commercial auto insurance
If you use your vehicle in business to drive between houses, a personal policy is not enough. Commercial auto insurance provides the most reliable protection in the course of carrying out your business operations.
If one of the workers incurs a work-related injury, the policy will cover lost wages and medical treatment and medication.
A BOP offers inclusive coverage for starters. Consulting a licensed insurance agent will advise on the best insurance coverage to suit your specific needs.