Real Estate

The real estate industry involves the buying, selling, renting, and managing of properties, which includes residential, commercial, and industrial real estate. Real estate agents and brokers assist buyers and sellers with the purchase and sale of properties, while property managers oversee the day-to-day operations of rental properties.

Industry Details

The real estate industry is subject to a range of risks and liabilities, including property damage, liability claims, and loss of income. As a result, real estate professionals require specialized insurance coverage to protect against these risks.  Common types of commercial insurance that real estate professionals may require include property insurance, general liability insurance, professional liability insurance (also known as errors and omissions insurance), and workers' compensation insurance. Property insurance provides protection against damage or loss of the property, while general liability insurance provides protection against claims of bodily injury or property damage caused by the real estate professional's operations. Professional liability insurance provides protection against claims arising from errors or omissions in the professional's advice or services, and workers' compensation insurance provides protection for employees who are injured on the job.  Overall, the types and amount of insurance coverage required may vary depending on the size, nature, and activities of the real estate business. It is important to work with an experienced insurance professional to assess the business's risks and determine the appropriate coverage for its specific needs.

Insurance Types for 

Real Estate

What types of insurance should a real estate business consider?

  • Property Insurance: This coverage provides protection against damage or loss of the company's real estate properties, including buildings, equipment, and other physical assets.
  • General Liability Insurance: This coverage provides protection against claims of bodily injury or property damage caused by the company's operations or products.
  • Professional Liability Insurance (Errors and Omissions Insurance): This coverage provides protection against claims arising from errors or omissions in the company's advice or services. Real estate professionals may face claims from clients for errors in property valuations, incorrect advice, or misrepresentations.
  • Cyber Liability Insurance: This coverage protects the company against losses resulting from data breaches or other cyber attacks.
  • Workers' Compensation Insurance: This coverage provides protection for employees who are injured on the job.
  • Business Interruption Insurance: This coverage provides protection against losses resulting from unexpected interruptions to the company's operations, such as natural disasters or fires.
  • Employment Practices Liability Insurance (EPLI): This coverage provides protection against claims arising from employment-related issues, such as discrimination, harassment, or wrongful termination.

Overall, the types and amount of insurance coverage required may vary depending on the size, nature, and activities of the real estate company. It is important to work with an experienced insurance professional to assess the company's risks and determine the appropriate coverage for its specific needs.

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