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Insurance protects against employees misrepresenting your company

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Choose Small Business Liability for the Right Insurance at the Right Price

Real estate professionals are at risk of being sued by unhappy sellers and buyers, even if they did nothing wrong. Sometimes unforeseen things happen. Sometimes things happen that should have been anticipated and insured against. A real estate agent can lose everything if they don’t have the right small business liability insurance policies, like e&o insurance for example.

Realtors all over the US are faced with similar dangers. With an insurance program that includes an E&O insurance policy from a reliable insurance carrier, real estate agents will be protected from the worst.

You may work at a large well known real estate agency. As a real estate professional in a busy agency, it is easy  to forget you do not work for them. Realtors like you are self-employed and operating your own small business. The real estate company umbrella that you work under is part of your overhead costs. Every time you close a transaction they 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.

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.


Should Real Estate Agencies Bother With Insurance Policies?

There are many reasons why some real estate agencies think that liability insurance is just a waste of money. Here are just two of them:

1. 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.

2.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?

The previous owner had lived in this house for twenty years with no flooding. Yet, the new owners 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 Errors and Omissions Insurance they would be protected from financial ruin, exactly as it’s supposed to.

What if …

A seller received an offer on his home and accepted it. All tests and inspections requested were completed and documented. The transaction closed and everybody was happy. Then in early spring after the house was sold, the weather was the wettest in fifty years. During one particularly heavy rain storm, the property suffered damage from flash flooding. The buyer lost furnishings and belongings in the basement to flooding and had a lot of cleaning up and drying out.”

What Real Estate Agency Insurance Do I Need?

Commercial General Liability Insurance

This coverage protects against claims of alleged or actual bodily injury or property damage to third parties (these include visitors, tenants, delivery persons, etc.). The general liability coverage is important in protecting you from lawsuits.

Commercial Property Coverage

This insurance coverage will protect you against the loss or damage to buildings and structures like offices, and garages, swimming pools, storage buildings and fences within the complex.

Loss of Income Coverage

This insurance coverage reimburses business owners for the loss of income due to damage by a covered loss (like fire or storm).

Equipment Breakdown Coverage

This insurance coverage will typically apply to equipment breakdown. The loss must be sudden and accidental. Wear and tear is not included in this type of insurance policy.
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But It Doesn’t Even Have To Be Your Fault!

Unfortunately, real estate professionals don’t have to do anything wrong for a buyer or seller to sue. The seller is tasked with disclosure of any faults. Faults found after the fact that should have been disclosed by the seller or the real estate agent give the buyer cause to sue. If you don’t have E&O insurance then your personal assets are vulnerable.

The fact that it doesn’t happen often is a testament to the civility of most people. Unfortunately, it only takes one person who feels unjustly treated to wipe you out financially if you do not have an adequate real estate insurance program.

Ask us now!

At Small Business Liability, we assess your Real Estate Agency insurance coverage needs before making any recommendations. We provide insurance coverage that suits you best, at the best rates. Contact one of our representatives today for the best small business owners owners insurance.

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