There are several insurance products available to real estate brokers. We can assist agents in zeroing down on the most critical and lucrative kinds for this sector.
Whether your role in real estate is focused on purchasing or selling, the business is built on customer interaction. During any given month, a real estate agent might easily engage with hundreds of customers, delivering a variety of services.
However, real estate agents have distinct insurance issues. Agents must deal with legal paperwork, confidential client information, travel, and the inherent hazards associated with professional guidance. Despite the many benefits that lure people to this field, real estate brokers have a responsibility to safeguard themselves and their customers.
Commercial general liability insurance is a policy that business owners in all industries purchase to financially protect themselves from certain types of losses. For real estate agents, this type of policy can provide coverage for property damage and bodily injury that might occur as the result of an agent’s work. For example, if you are meeting with a client at their home to show them properties and an accident occurs, your general liability insurance would help cover the costs associated with any injury or damage.
You earn the right to practice. A number of lawsuits against you or your company may emerge once you begin working as a real estate agent. It is prudent to protect yourself, your firm, and your workers from the start. If you don’t have General Liability, Professional Liability, or Property Insurance but are required to obtain it, purchasing a business owners policy might be beneficial to you. A client who is harmed on your agency’s premises may seek compensation from you. A BOP’s General Liability coverage would cover this physical injury claim.
You’re getting ready to begin marketing your services to clients. While you won’t need this sort of insurance while working as a real estate agent, it’s something you should think about if you expect to interact directly with and advise potential property purchasers or sellers on a regular basis.
If your agency has its own fleet of vehicles or if you are an individual who frequently (more than 50%) uses a personal automobile for real estate reasons, you might wish to categorize your car as a business vehicle and get Commercial Auto Insurance for it. If you have Personal Auto Insurance, your claim may be denied if you are injured while showing a property. Commercial Auto Insurance is designed to pay out in the event of a commercial vehicle being involved in an accident during business hours.