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What Insurance Coverages do Real Estate Agents Need?
Posted on: March 20, 2015 by Newmark Insurance
Every time a Realtor takes on a new client, their risks increase. We’ve spoken before in previous posts about how important it is for you to obtain the right Real Estate Errors and Omissions policy. These policies financially protect you against claims and lawsuits regarding:
- Breach of fiduciary duty
- Conflict of interest
- Misrepresentation of value, zoning, permitted usages, termite problems, flooding, and other property conditions
- … and more.
While an E&O policy is imperative, what other coverages should you carry? With legal disputes becoming more likely as real estate agents expand their businesses into new geographic areas, you should be considering all available liability insurance products to protect yourself and your business.
Imagine a client or potential client was walking up to your office and slipped and fell, injuring themselves. You would be held liable for their personal injury. This is just one example of a scenario that would be covered with general liability insurance. Other cases that general liability can cover are copyright infringement and privacy invasion, to name a couple.
If you rent or own an office, it’s mandatory that you carry a commercial property insurance policy. Your landlord may carry this, but you will need to ensure that you are wholly covered by their policy. In many cases, tenants are not covered for the entirety of their property under a landlord’s policy.
It’s no secret that real estate agents drive for their job; they may be meeting with clients, showing their clients homes, or researching the market. Commercial auto insurance coverage protects any vehicle, and its passengers, that you use for work-related purposes.
While our expertise lies in Professional Liability Insurance for Real Estate Agents and a number of other professions, NewMark Insurance Services carries all the insurance coverages necessary to operate your business. For more information, please contact us today at (855) 777-6549.