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Necessary Coverages for Real Estate Agents
Posted on: October 28, 2015 by Newmark Insurance
In our last post, we discussed the Need for Real Estate Fraud Insurance and other liability concerns for real estate agents. While this coverage is essential for protection against fraudulent activity, there are a variety of other coverages that should be carried at all times to ensure proper protection. Therefore, a comprehensive Business Insurance for Real Estate Agents program is essential. The following suggestions are basic coverages that every agent should carry.
General Liability- This coverage protects against bodily injury or damage that someone might suffer on your property. As client interaction is the majority of your business, third-party risks are more likely to occur. In the event someone is inured on your office’s steps or they trip in your building, this policy would provide protection to reduce financial obligation. According to Insureon, even if your business is ultimately not at fault, you would still have to hire an attorney and account for related court costs just to defend your business.
Property Insurance- This policy will cover your office, whether you rent or own it. Although the owner of the building should carry a commercial property package, tenants should be mindful of the coverage limitations which may exclude your personal property.
Commercial Auto- Driving to meet clients, show homes, and researching housing markets undoubtedly requires plenty of driving. As such, a commercial auto policy should be carried in order to protect you and your vehicle in the event of bodily or property damage. Although some might believe their personal auto insurance extends to their business practices, this is false. In fact, your personal auto carrier may refuse repairs to your vehicle if the accident occurred while completing business activity.
At NewMark Insurance Services, we offer various solutions to completely cover your real estate operation. Our experience and commitment to an affordable, cost-effective package will provide you peace of mind. To learn more, contact us today at (855) 777-6549.