Whatever industry you work in, there are liabilities that can jeopardize your operations and your financial stability. Real estate agents are susceptible to lawsuits or clients’ complaints depending on the way a sale or purchase goes. Tiny errors can cause a big problem for your client, which they may hold you responsible for. A real estate agent insurance policy can help protect you during these situations.
The team at HighlandRisk Insurance recommends that every real estate agent carry three types of insurance. These are a professional liability, general liability, and a business owner policy.
- Professional Liability. The people using your services trust your expertise and advice for their decision-making. With an errors and omission policy, you can be protected if a client sues you over a clerical mistake or failing to fully inform the client on pertinent information.
- General Liability. With a general liability policy, your business is offered protection in claims that may arise from client injury or damage to property. It could also be used for advertising claims, slander, and liable.
- Business Owner Policy. A BOP plan combines both general liability coverage and business equipment coverage. This could cover issues with damage related to computer equipment, furniture, or other areas of the property.
These are areas of importance for real estate agents. Look into the specifics that would apply to your business.