Insurance By Trade
Real Estate Agency Insurance
Real Estate Agency Insurance
The Real Estate Industry of the US is growing at a steady pace. This mega-industry generated $3.9 billion dollars, and contributed 17% of the GDP of the US last year. The Census Bureau tells us that 4,71 million used homes and 603,000 new homes were traded in 2021.
With this volume of sales and the high costs of the assets involved, unforeseen events and legal issues can happen that could have been anticipated and insured against. A real estate agent can lose everything if they don’t have the right Small Business Liability police on place.
- Commercial General Liability Insurance
- Commercial Property Coverage
- Loss of Income Coverage
- Equipment Breakdown Coverage
We will find the best coverage at the best price for your specific business and needs.
Why Do Real Estate Agents Need Insurance?
A real estate agent’s job is to locate properties for a buyer or to list, promote, advertise, or arrange the sale of a property for the seller. What could go wrong? Quite a lot, actually. A real estate agent enters into contractual relationships. These can be with a property owner seeking to sell or lease a property, or with a buyer seeking to purchase property.
Realtors like you are self-employed, operating a small business or inside a Real Estate company umbrella that would be part of their overhead costs. Every time you close a transaction, these companies take a percentage of your percentage. With that, the real estate company supplies advertising, office space, equipment, staff and training opportunities. But it is up to you to invest in Liability Insurance. The real estate agency does not provide small business liability insurance cover for you.
5 Best Reasons to get Real Estate Agency Insurance
Protect Your Reputation
Insurance protects against employees misrepresenting your company.
Plan For The Future
Insurance protects against unforeseen risks.
Vital protection in a litigious society.
Prevent Financial Ruin
Insurance helps your business survive disaster.
Get Peace of Mind
Insurance protects the little guy
The Power Of Insurance For Small Real Estate Businesses
Insurance for small real estate agencies and affiliated service providers is becoming more and more important. You are already up against an industry favoring the big players.
As with most small businesses in the US, lawsuits and claims payouts could mean the end of the business. Can you afford to be without insurance coverage that will take care of these dangers?
Real Estate Office Gossip
You will hear horror stories around the office about realtors being sued but it is unlikely that anyone knows anyone that has actually been sued, ever. Some real estate agents will start to think that the chances of small business litigation are so slim that they won’t bother with liability insurance.
Liability Insurance is a Waste of Money
Real estate professionals want to protect their reputations. A good reputation can steal a deal out from a real estate agent who is known for cutting corners. With this in mind, realtors certainly don’t plan to do anything wrong. So why spend money for insurance policies for something that’s never going to happen, right?
“It will never happen to me!”
Are you prepared if it ever does?
A home owner received an offer for his home and accepted it. After the deal was done, all tests and inspections requested were completed and documented, but during one particularly heavy rainstorm, the property suffered damage from flash flooding. The new owner lost furnishings and belongings in the basement from water damage and had a lot of cleaning up and drying out.
He then sued the seller, the home inspector and the real estate agent, because they did not disclose the possibility of flooding and the need for flood insurance. They also claimed the sump pump was inadequate because it stopped working once water covered it over.
Attorney fees and court costs would have damaged the real estate agency financially, win or lose, before they ever got to compensation. But, with insurance like Professional Liability, they would be protected from financial ruin, exactly as it’s supposed to.
What Real Estate Agency Insurance Do I Need?
Commercial General Liability Insurance
This coverage protects business owners against claims of alleged or actual bodily injury or damage to third parties.
Professional Liability Insurance
Will cover implications arising from professional negligence, mistakes and unforeseen accidents on the quality of the project or service.
Commercial Property Insurance
This coverage will pay to repair or replace any of your business property that is damaged or destroyed by a covered event like fire, theft, wind and hail storms.
Business Owners Policy
Is an insurance package that organizes all the basic coverage as required by the business owners, and can contain both property damage and general liability insurance.
Small Business Liability recommends a Business Owner’s Policy (BOP) with additional insurance coverage specific to your Real Estate agency needs. As your insurance company, we shop for the best coverage at the best rates. We help you save on insurance by purchasing exactly what you need, and no more than that. We also bundle your Real Estate insurance policies together through one insurance provider.
Benefits of get insured by
Small Business Liability.com
Small Business Liability.com have created a comprehensive guide to the insurance required before starting a business for each of the specific professions listed below.
If you have any questions, we are staffed with experts in the insurance field willing to help.
With our expertice we can guide you to the right coverage for your business.
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