For real estate enterprises, general liability insurance is required
Customer injury, customer property damage, and advertising injury are all covered by general liability insurance.
It assists you in qualifying for leases and contracts, while also safeguarding your small business from the high costs of lawsuits.
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| Business Insurance for Real Estate |
General liability insurance provides coverage for a variety of hazards
General liability insurance is beneficial to any business that interacts with the public, and real estate enterprises are no different. General liability insurance ensures that in the case of property damage or injury, you will be able to reimburse the costs.
There are three categories of third-party claims covered by this policy:
- Injuries to the body.
- Property damage or loss.
- Injuries should be advertised.
Bundling plans might help you save money while also increasing your coverage
Bundling general liability and commercial property insurance in a company owner's policy may typically save money on business insurance for real estate agents. Businesses that qualify for a BOP are usually:
- Have a workforce of less than 100 people?
- Have a tiny office or place of business?
- Make less than a million dollars a year.
- Working in a low-risk industry is a good idea.
- Need business interruption insurance for less than a year?
Find out whether your real estate firm qualifies by speaking with a registered Insure on representative.
What kind of protection does general liability insurance offer to real estate agents and brokers?
Injuries to the body
Someone might get hurt at your workplace or on your property at any time. If a customer or visitor sues you, you may be held liable for legal and medical costs. The following are some of the things that general liability insurance may aid with:
- Medical expenses.
- Fees for attorneys.
- Judgments issued by a court.
- Settlements.
- Expenses for funerals in tragic accidents.
This policy does not cover injuries to employees. For that, you'll require workers' compensation insurance.
Property damage or loss
Damage to client or customer property, including the expense of repairing or replacing an item, is covered by general liability insurance. It might pay the cost of the sculpture – or legal expenses if the customer sues – if you smash a costly sculpture during a display at a client's home. This coverage applies to both on-site and off-site situations.
Injuries should be advertised
Your real estate firm might be susceptible to advertising injury claims if you advertise or utilize social media for commercial objectives. Accidental advertising damage, such as a lawsuit over a logo that appears similar to that of a rival, are covered by general liability insurance. It can pay legal expenses in the following areas:
- Libel (written) and slander are two forms of defamation (spoken).
- Infringement of copyright / trademark.
How much does general liability insurance for real estate brokers and agents cost?
General liability insurance costs an average of $30 per month for most real estate enterprises, however your costs may vary based on your risks.
The cost of insurance for real estate professionals is determined by several factors, including:
- Real estate services are available.
- Revenue Sources: Business Equipment and Property.
- Employees' number.
Other essential policies for real estate agents
While general liability insurance provides some protection against typical real estate concerns, it does not give total coverage. Other policies to think about are:
Commercial auto insurance protects the automobiles that your company owns. It usually covers accidents and damages caused by theft, bad weather, or vandalism.
Cyber liability insurance protects real estate companies from data breaches and cyberattacks. It can assist in covering customer notification charges as well as other related costs.
Errors and omissions insurance (E&O): This policy, also known as professional liability insurance, can cover the legal costs of litigation arising from a real estate professional's business mistakes.
With Insureon, you can get free prices and buy insurance online
Are you prepared to get general liability insurance to protect your real estate business? Fill out Insureon's simple online application right now. You may start coverage in less than 24 hours once you've found the proper insurance.