29 Jan Insurance For Real Estate Agents
Insurance for Real Estate Agents
As a real estate agent, you likely need business Insurance. If you are having a tough time deciding on what type(s) of Insurance you need, you came to the right place! We have compiled some information in this blog to get you started on your way to being properly insured.
Insurance for Real Estate Agents- Professional Liability
Professional Liability, often referred to as Errors & Omissions (E&O) Insurance, is a very important coverage to have as a Real Estate Agent. Professional Liability Insurance is important because it is a coverage designed to protect you from lawsuits arising out of giving professional advice. Many other professionals carry this type of policy as well, including Insurance Agents/Brokers, Attorneys, and Consultants.
Insurance for Real Estate Agents- General Liability/Business Owners Policy
General Liability Insurance is different than Professional Liability Insurance. General Liability is designed to protect you against claims that arise from bodily injury or property damage that may occur in connection with your business. For example, if a customer comes to your office and they trip and hurt themselves, your General Liability policy will(in most cases) provide coverage. General Liability Insurance can often include coverages for damage to a premises rented to you, as well as hired and non-owned auto liability. Also, for a little additional premium, you can purchase a Business Owners Policy, which includes General Liability coverage as well as property coverage for your business personal property (computers, valuable paperwork, etc.).
Insurance for Real Estate Agents- Workers Compensation
Workers Compensation Insurance is required in California if you have employees. Compared to other industries, Workers Compensation Insurance for Real Estate Agents is relatively inexpensive. The Workers Compensation policy is required because it provides coverage specifically to your employees if they get injured. However, if you are self-employed, in most cases you are not required to carry the Workers Compensation for yourself.
Do you have questions about what coverages you need for your Real Estate Agency? We are here to help! Please call us at 925-297-4829 for more information.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.