News About Real Estate Agency Insurance

Real Estate Agents Know To Get Errors & Omissions Insurance

Real estate agency insurance provides the buoyancy you need to fly with the eagles in your own space. Without realtor insurance, expect a hard landing back in the turkey pen.

So you got your Real Estate Brokers license after working as a licensed sales associate for ten years with a top company. Congratulations! Now, you’re going rogue and opening your own real estate agency under your own broker’s license and your own name. It’s time to kick that turkey anklet off and fly with the eagles.

Reality Check

Before the air gets too thin, let us help you with real estate agency insurance. Previously, you worked as an independent contractor for World Wide Realty. The only insurance you have needed thus far is Errors & Omissions and a commercial Ryder on your automobile policy. That covered the extent of your liability.

Time To Think Like A Small Bussines Owner

Setting up your own real estate agency space will increase your liability risks so you will likely need to bundle in additional real estate agency insurance policies. If you plan to start gradually, with only yourself on staff, the additional insurance coverage requirements will also be gradual.

If you are leasing space, you will want property insurance to cover your furnishings and equipment and a general liability policy in the event of bodily injury or property damage. This is minimal because most of the time it’s just going to be you inside that space. You already have your errors and omissions in realtor insurance and the commercial Ryder on your auto insurance policy.

Branching Out

In time you may hire office help. At that point, you’ll need worker compensation insurance for your employees. Also, if you bring in more sales associates you might need to upgrade your liability coverage. Meanwhile, you’re good to go.

But there is one other policy we think you should consider. The computer in your office holds the personal sensitive data of your clients and that data is shared with your mobile devices such as tablets and cell phones. You may also have a file cabinet containing hard copies of that data. We recommend you bundle in a data coverage policy to your real estate agency insurance to protect your new company against a data breach. Even a minor occurrence is major to the victim and enough to shut you down. We know how to protect your assets and your reputation against all liability.

Get More Than Errors & Omissions Insurance

Without Small Business Liability insurance, you risk losing your financial stability. Keep in mind, real estate insurance is a business expense and therefore a tax deduction. Its use is always unplanned. With the top insurance carriers, realtors can get cost-effective coverage options.

A career in real estate can be very demanding. Without taking care of your insurance needs, you could find yourself in the kind of trouble that could ruin you financially. But, just because you are a small business owner with your own real estate agent does not mean that you need to pay more for your insurance program. Every business’ insurance needs are different.

As an established insurance company, our Small Business Liability consultants will explore your insurance options with you. We’ll help you to get the right, cost-effective insurance policies for your new real estate agency. Including Errors and Omissions insurance!

We Work With Top A-Rated Carriers