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Business Auto Insurance for Real Estate Agents
Posted on: April 18, 2016 by Newmark Insurance
Like many businesses, the real estate industry requires plenty of driving for commercial purposes. Whether you’re trekking around a new client or you’re scouting out new properties, a lot of your day is spent in the car. While you may be using your own vehicle, your personal auto insurance does not cover your business affairs. Therefore, a Business Auto Insurance Policy is a must.
Take the following scenario into account: You are driving your client to a new property that has just been listed. However, during the commute, you rear-end the car in front of you while talking with your client and he becomes injured. Because you were using your vehicle for commercial purposes, your personal coverage would not cover any damages or medical bills incurred from your client. However, a business auto policy will cover the damage costs and the medical bills as a result of this type of accident.
Another example is in the case of an agent causing damage or injury from an accident in their own vehicle, causing the victim to take action against the firm. The non-owned component of the policy will extend coverage for claims against the firm.
While there are exceptions to the rule, it is better to be safe than sorry. Put simply, the DMV states that depending on your employer and/or your own business, you might need higher liability insurance, as well as additional coverage add-ons to make sure you, your employees, other individuals, your vehicle, and your business are fully protected.
If you are unsure whether or not your business practices are covered, contact your insurance specialists at NewMark Insurance Services. We specialize in the real estate industry and strive to provide ample coverages to fully protect their operations. To learn more about our products, contact us today at (855) 777-6549.