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The Kinds of Insurance You Need for Real Estate

The real estate market is a huge industry that involves…
a person holding a piece of paper

The real estate market is a huge industry that involves many different people. Homeowners work with brokers, appraisers, and agents to find that perfect home in a number of major US cities. As a real estate agent, you work with buyers and sellers and see a number of different properties and homes. Running that business can be exciting and rewarding. That being said, no matter how good you are at your job, there is always a chance something could go wrong.

You work to provide the best customer experience possible to every client. Still, there can be moments in which a deal falls through, your employees get hurt, or something goes wrong with your personal property while on the job. To make sure your company is protected, you may need to look into insurance policies. This is a good idea to help guarantee your hard work can’t fall apart because of one bad deal or unfortunate circumstance. Many companies and businesses invest in their own insurance to protect from these cases. As a real estate company, you should also consider investing in the future of your business. Here are just a few of the policies you should look into as you grow your company.

Your reputation can be its own insurance policy.

Before we dive into the actual policy information, it’s important to note how crucial your reputation is. You want to ensure that people think highly of you and that your customer satisfaction is high. This can almost eliminate the need for insurance when you don’t have any complaints or problems—almost, but not quite. Look at John Foresi, Venterra Realty and the work he has done with that company. As the CEO of Venterra Realty, John Foresi has gotten the company listed as the number one place to work in Texas in 2021. This speaks volumes about the work the company is doing and how well its agents interact with new homeowners. This is a huge selling point and a guarantee that working with them will be a good idea for you as a buyer. While Venterra Realty still needs to invest in insurance, they will have that extra peace of mind that they’re doing good work for their clients.

Business Owner’s Policy

The most important form of insurance most real estate companies need is a Business Owner’s Policy (BOP). This is a basic form of insurance that covers any business. There are three sections of a BOP including general liability, commercial property, and business income insurance. With general liability, you are protected from bodily injury or property damage to your clients. Commercial property and business income insurance protect your building and your income if an accident occurs and you have to close your doors.

When you are searching for a BOP, you want to rely on a company with good core values and experience with many different insurance policies. InsuranceTales may be the answer for you. With expert insurance agents who are passionate about getting you a good deal, first-time policyholders can feel like they are in good hands. This company knows about all different kinds of insurance coverage and can help you with your new account.

Professional Liability

Your BOP will cover general liability, but it won’t cover professional mistakes and screw-ups. For that, you will want to purchase separate professional liability insurance. This will cover you if you say something incorrect or give bad advice to a buyer or homeowner.

Worker’s Compensation

Another form of insurance that all businesses should have is worker’s compensation. You can also look into employee liability insurance. This basically covers you if something happens to any of your employees while they’re on the job and they sue you. You’ll have the money to cover medical costs or legal fees.