Real Estate Agent Insurance
You've worked hard to build your clientele and reputation as a real estate agent.
Protect yourself from liability.
Realtors can be sued for fraud and negligence in performing their duties. Here are just a few reasons why agents are sued, as well as good reasons to have real estate agent insurance:
- Not disclosing a property defect
- Breach of duty
- Not recommending that a home be inspected by a professional home inspector
- Representing clients in unfamiliar territory
- Giving legal advice
- Misleading clients by exaggerating
- Breach of contract
- Hackers stealing your clients’ confidential data
- Clients hurting themselves while viewing a home or at a showing
What would you do if you were served with a liability suit for more than your current insurance covered?
Thankfully, here at InsuranceHub, we have experience helping realtors like you. We understand the liabilities involved in listing, advertising, promoting, and arranging the sale of land, homes, and commercial buildings. We also understand the liabilities that come from suggesting and recommending auxiliary services like mortgages, home inspectors, and appraisers.
Types of exposure that Realtors and Real Estate Agencies need protection from:
Do you have a real estate office? Then you must be concerned about the impact of fire, smoke, and water damage on your computers, records, and client files.
Make sure you check the backgrounds of all new employees before hiring them. Protect the confidential financial information of your clients. Install a security system and cameras at your office. Make sure that you lock and secure the homes of the clients you're representing.
Inland marine exposures
Protect your accounts receivable, computers, and valuable papers and records. Build processes that create duplicates of all important records and store them off-site.
Professional liability exposure
Do you recommend other services to clients? Make sure you check their credentials and reputation before introducing them to your clients. Check backgrounds of the people you hire that will be handling confidential client information. Recheck all paperwork and documents after your employees do their work.
Premises liability exposure
Do you have clients come into your office to drop off or sign paperwork? Make sure that you keep all exits, entries, and floors clear of debris. Clean up spills immediately to prevent slips and falls.
Be sure to check DMV records before hiring new employees and allowing them to use company vehicles. Do you have written procedures in place for employee use of company vehicles?
When you go to clients' homes for visits, inspections, open houses, etc. be sure to lock up and secure the place when leaving. Make sure lock boxes are available to prevent access by unauthorized people.
Workers compensation exposures
Teach all office employees to use computer stations ergonomically to avoid repetitive stress injuries. Risks your employees face also include meeting strangers at their homes or at empty houses. Be sure that your employees are mindful of the terrain at the houses they're showing - slopes could cause trips and falls.
Here is the minimum recommended insurance coverage for realtor:
- Business owners policy
- Business Personal Property
- Business Income with Extra Expense
- Employee Dishonesty
- Accounts Receivable
- Money and Securities
- Valuable Papers and Records
- General Liability
- Employee Benefits Liability
- Professional Liability
- Errors and omissions
- Commercial Umbrella Liability
- Hired and Nonownership Auto Liability
- Workers Compensation
- Cyber insurance