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You know a thing or two about finding clients the perfect home that meets their needs. But what about finding the right policy to protect your business?
At Simply Business, we offer policies that cover the risks you might face as you grow your business. Just answer a few simple questions, compare free quotes from top insurers who truly understand what real estate agents need, and choose your plan.
The best part? You can get your free quote in under 10 minutes.
See what it’s like to have comprehensive insurance that gets you. Get your free quote today!
Your coverage can include a variety of policies, depending on your business and what kind of coverage you want. Here are the three core policies for a real estate business that we recommend:
Commercial general liability (GL) insurance for real estate agents covers associated risks such as unintentional accidents or injuries or damages to third parties. It won’t cover, say, for instance, if you didn’t lock a client’s property on purpose after a showing.
Without general liability coverage, you run the chance of paying for these costs out-of-pocket. Plus, with the average claim for property damage or accidents for small businesses being around $30,000, you’ll want to make sure you’re covered.
What does general liability look like in action? Say that after you recently replaced the carpets in the office, a client comes in to finish up some paperwork for a property they're renting. They trip over a loose section of the carpet and end up breaking an arm. They want to sue you for the medical bills. A general liability policy could cover the costs of the medical bills and any associated legal costs.
So what does general liability insurance cover?
It does not, however, cover the following:
As a licensed real estate agent, you want to make sure your business is protected from any risks while doing your job, including errors and negligence. Also known as errors and omissions insurance, professional liability insurance protects you from claims that general liability doesn’t necessarily cover.
For example, imagine that a real estate agent tells a client they will submit their offer to the seller but gets distracted by other priorities and forgets to submit it on time. As a result, the buyers don’t get the house they wanted. The buyers could sue the real estate agent for this mistake.
Luckily, if the real estate agent in question has professional liability insurance, they’d be saved from having to pay legal fees or other associated costs relating to the lawsuit (up to their policy limits). Professional liability coverage is recommended for real estate agents to protect them from this type of risk.
Professional liability can cover:
Professional liability, however, does not cover:
For the most part, no matter what state you live in, if you have employees (even if they’re part-time or temporary), you may be legally required to carry workers compensation insurance. Otherwise known as workers comp, this policy protects your business if your employees get sick or injured while working.
There are plenty of reasons why having a workers compensation policy is a smart idea, mainly because if one of your employees gets hurt while on the job, you could be responsible for any associated costs.
The National Safety Council reported that in 2017 alone, work injury costs reached $161.5 billion. That’s quite the bill, right? What’s more, the average cost per medically consulted injury was $41,000, which can be detrimental to a real estate business, especially one just getting started.
Workers compensation insurance for real estate agents can cover:
It may feel like a major expense to invest in insurance. But here’s the truth: What you spend on real estate coverage is a fraction of what you might spend if you get sued by an upset client or if an employee gets hurt while showing a house. Aside from that, if coverage is required in your state, not having it could result in legal repercussions and, you guessed it, more costs.
Consider the average costs small business owners are at risk of paying without insurance:
Additionally, you’ll want to protect your business from risks that may result in a lawsuit such as negligence, failure to disclose, breach of contract, and more. Protecting yourself and your business from an unhappy client who sues you (even if you did nothing wrong) is always a smart business practice. Legal fees can add up and cause a lot of damage to your real estate business.
Out-of-pocket expenses aside, having proof of insurance can have an impact on reaching different milestones with your business, such as:
When you buy real estate coverage through Simply Business, we’ll provide you with a certificate of insurance (COI), so you can start providing proof of coverage immediately.
If you have any employees, whether they are temporary, part-time, or full-time, most states will require you to carry workers compensation insurance. Depending on where you live, your state also may require that you carry it.
You can generally deduct the cost of your premiums when filing taxes for your business. For additional information on which business expenses are tax-deductible, we recommend speaking with an accountant.
The amount of coverage you’ll need will depend on a few factors, such as:
Our quote form lets you compare prices for different amounts of coverage, when available. If you have more questions, our licensed insurance agents are happy to assist you.
Your state may have different requirements for real estate agents than other states. Once you’ve determined your business needs, our quote process can help you compare prices for insurance that covers you in your specific state.
A general liability policy and workers compensation policy can cover:
The total cost of your policy will depend on a variety of factors, like the type of work you’re doing and if you have any employees. But in general, you can expect your policy costs to be determined by:
Curious to see how much your coverage may cost? To get started, click here to answer a few questions, browse free quotes, and compare policy prices.
If you offer other services, our licensed insurance agents can help you find the most comprehensive policy that fits your business needs.
Simply Business is an online brokerage that makes it easy to compare the best policies and quotes from top insurers. We’re one of the fastest-growing online providers of small business insurance. There’s a reason why thousands of customers trust us to protect their businesses.
Why choose us? It’s simple:
We’re fast and affordable. You have a lot on your plate, and worrying about your coverage doesn’t need to be one of them. Our policies are fast, affordable, and ready whenever you are.
We’re flexible with coverage. Your business changes, so you need a policy that can keep up. We’re here to help make sure you’re protected no matter what your business needs.
We get your business. You deserve a policy that understands your business from the inside out. That’s where we come in.
You work hard to grow your business, and your policy should protect it.
This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.
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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.