You know that as a real estate agent you need to be precise in all you do. Any misstep can lead to major troubles down the road and expose you to lawsuits. That’s why having the right insurance coverage is vital for your business. Here are three basic coverages that you should carry as a real estate agent.
Errors and Omissions
Commonly known as professional liability, real estate errors and omission insurance protects your business against losses resulting from an error on your part. Rather than having to pay out of pocket, your policy will cover any lawsuits or other fees that come up.
You should also carry insurance to cover your property. Commercial property insurance will ensure that you’re able to replace or repair business equipment and property whether they be damaged, lost or stolen. Some policies will even reimburse you for revenue you missed out on due the damaged items.
General liability insurance covers your business in case someone gets hurt on your property. For example, if a client trips on a mat in your office and breaks an ankle, they may want to sue you to recover the amounts they paid in medical fees. In such instances, the liability coverage will cover any medical or legal fees.
Real estate errors and omission insurance, general liability and commercial property are just a few of the ways you can protect your business. Find a company with experience in your industry to ensure you’re getting the coverage that’s right for you.