Basic business insurance for real estate agents is pretty well covered by these types of policies:
Why Do You Need Real Estate Agent Insurance?
What happens if your customers are injured while you are showing a property? Your employees are hurt while working for you? Your office equipment is stolen or destroyed in a fire? You are sued for failing to disclose a material fact about a property you sold? A lawsuit is filed claiming advertising errors and misrepresentations?
B2Z Insurance offers insurance for real estate agents and insurance for realtors, brokers and appraisers. You need coverage that helps protect your business by providing the means to repair or replace your building and equipment, helping to pay the doctor bills of clients and employees injured on your premises or a property in your care, and helping to pay legal costs in the event of a covered lawsuit. But, mostly, insurance gives you the peace of mind you need to continue working without stressing over all the “what-ifs.”
What Kind of Business Insurance Do You Need?
Workers’ Compensation Insurance.
Workers’ comp is required by most states. Some states mandate this coverage if you have even one part-time employee; in other states, five employees is the threshold. Even if you are not required to purchase a workers’ comp policy, we recommend that you do. This coverage protects your employees who are injured or become sick while on the job by helping to pay their medical bills and replace wages lost due to at-home recovery. It also protects you, as the owner, from related lawsuits.
Business Owner’s Policy (BOP).
This type of coverage is not required, but again, is highly recommended. A BOP protects real estate agents from many unexpected events that can negatively impact their businesses. A BOP is the perfect “starter” policy because it combines property and general liability insurance into a single, convenient and cost-effective package. A BOP generally covers property damage, theft, client injuries on your premises, advertising claims and lost income due to closing as a result of covered events.
Need More Insurance?
Some real estate agents choose to purchase additional insurances to cover other contingencies. Popular policies include professional liability insurance that covers errors and omissions, business vehicle insurance for business-owned cars used for work, and cyber insurance to cover liability in the event a data breach exposes sensitive client information.