Real estate agent insurance

Real estate agent insurance

As a real estate agent you carry some pretty big responsibilities on your shoulders.

Customers come through your doors hoping they’ll end up in their dream home. But if things go wrong you could end up in a nightmare.

So, how can you protect yourself? Insurance for real estate agents provides an important safety net. And not just a financial one…

Lawsuits are a drain. On your time, your resources, and your wellbeing. So, make a wise investment. Get your business protected with real estate agents insurance and have true peace of mind.

Then you can get back to making dreams a reality. One home at a time.

Business insurance for real estate agents

• Why do real estate agents need insurance?

  Because accidents happen. And if someone trips on the stairs, or slips on a wet floor, it could lead to a claim that’ll see you in court. Even if the accident wasn’t your fault.

  Then there’s mistakes. And we all make those too. When it comes to making dream homes a reality, your clients rely on your knowledge and skill. If that dream you promised turns into a nightmare, they could make a claim against you.

  Lawsuits can cost a lot. If a case goes to court and gets drawn out, you’re looking at legal bills of 5, maybe even 6 figures. Without real estate insurance, how will you cover that?

  No matter how successful your real estate company is, we’re guessing you don’t have that kind of money tucked away…

  So, why do you need real estate agent insurance? Because you don’t have bottomless cash reserves, you’re not a legal expert and you have a real estate business to run. Simple.

• What insurance do real estate agents need?

  So, what is real estate insurance exactly? There are two types of insurance for real estate agents that are really important.

  The first is real estate general liability insurance. This is the accidents one. For all those unfortunate mishaps that result in a client being injured, or something getting damaged. It’ll cover your legal fees as well as any compensation owed to a disgruntled client.

  Then there’s real estate errors and omissions insurance (also known as professional liability). For mistakes and claims you’ve not done your job properly. It’ll pay out for your legal fees, compensation, and help you to keep your reputation intact.

  Here’s a few other things you might want to add to your real estate business insurance package: Cyber liability to cover things like data breaches, real estate property insurance to cover your assets, and workers’ comp to protect your staff.

• Who needs real estate agents’ insurance?

  Insurance for real estate companies of all shapes and sizes is an essential investment.

  It doesn’t matter whether you’re working alone, or running a whole team. From realtors to real estate brokers. Insurance should be part of the foundations of your business.

  A home is the biggest, most expensive purchase most of us will make in a lifetime. And one of the most stressful too. So, it stands to reason that clients will look for somewhere to point the finger if things don’t go to plan. Whatever your job title, if you’re involved in the house-buying process, you should be covered. In case the finger is pointing at you. Insurance for real estate professionals offers vital protection to all those in the industry.

  If you speak to an insurance broker, they can help you get a real estate agent insurance policy that’s tailored to your specific needs.

• What does real estate agent insurance cost?

  The cost of insurance for real estate agents varies, depending on:

  • The size of your real estate business
  • Your location
  • Your annual business income
  • The deductible you choose (the amount you pay towards the cost of a claim)

  The higher your coverage limit (the amount your insurer will pay for a single claim or all claims during the policy period) the more your policy costs. So, choose your limit carefully

  Just remember that lawyers’ fees, compensation, and court costs can go through the roof. Try to imagine the worst-case scenario, then pick a coverage limit you can realistically afford.

  The higher your deductible the lower the price of your policy. But make sure you could actually afford to pay that amount, if a claim is made.

  And remember there are payment options. So, you can spread the cost of your real estate agency insurance policy to suit your budget.

What other kinds of insurance do real estate agents need?