Insurance Needs for Real Estate Professionals

Professionals working in the commercial real estate business face a number of unique liability risks. Misunderstandings and missed deadlines can lead to unhappy clients who seek legal restitution. That’s why it is critical for real estate pros to invest in a comprehensive liability insurance plan.

Which Real Estate Professionals Need Liability Insurance?

Insurance coverage for real estate businesses varies a great deal, depending on your business specialty. Some of the typical businesses who seek liability insurance include:

  • Property Management
  • Investment Trusts for Real Estate
  • Property Developers
  • Shopping Centers and Industrial Parks
  • Real Estate Agencies

What Type of Liability Coverage Is Best?

The type of insurance coverage necessary depends in part on the type of business you own. It’s important to discuss your options with your insurance agent to ensure you choose the best plan for your investment. For most companies, two separate policies will cover many of the liability concerns.

  • Professional Liability – Also known as errors and omissions insurance, this coverage protects against such things as buyer’s remorse and wrongful discrimination.
  • General Liability – This insurance plan covers injuries to potential home buyers if they are injured while visiting your office. The plan also protects your employees if they damage a client’s property while showing the home.

Make sure you choose the liability insurance plan that best protects your investment from unwanted claims.