Table of contents
Real estate has its own set of risks. Investors can sue you, employees can get hurt while inspecting a property, and business property can get lost or damaged. It’s also common for agents and brokers to be sued for professional negligence. Consider real estate agent insurance. In this discussion, you will learn:
Real estate agent insurance requirements vary per state and will highly depend on the licensing body that oversees your practices. Consider getting $1 million-$2 million errors and omissions insurance so that you don’t fall short. General liability insurance might not be required. But still, purchase the policy and get at least $1 million coverage.
Real estate agent auto insurance requirements vary based on your state. For example, if you’re in California, then you must have auto insurance that provides liability coverage of $15,000 per person, $30,000 per injury for more than one person, and $5,000 for property damage. On the other hand, if you’re in New York, auto insurance requirements will be $30,000 per injured person, $60,000 per accident, and $25,000 for property damage.
Limits Of Real Estate Agent And Realtor Errors and Omissions Insurance
| Value | |
|---|---|
| Professional liability per occurrence limit | $1 million-$2 million |
| Professional liability aggregate limit | $1 million-$2 million |
| Intellectual property infringement coverage limit | $1 million-$2 million |
| Coverage limit for legal representation at inquiries | $100,000 |
| Coverage limit for public relations expenses | $2,500 |
| Compensation for income loss due to court attendance | $2,500 |
| Deductible | $500-$1,000 |
As a real estate agent, you sell or appraise real property, facilitate negotiations, and provide accurate pricing of different properties for the benefit of many clients.
Clients can file a claim if they experience issues because of your services. This is why it’s very important to get e&o insurance for realtors and real estate agents
Professional liability for real estate agents grants protection when a client holds your services liable for his or her losses. Here are some example situations where you’ll find this insurance useful:
Also called professional liability insurance and professional indemnity insurance, errors and omissions insurance is designed to cover these costs every time a claim for negligence, breach of fiduciary duty, violation of fair dealing, inaccurate advice, and other related offenses is filed:
Real estate agent professional liability insurance isn’t required by law but is nonetheless important because oversights can happen anytime. Consider getting this type of realtor insurance because it will help with your reputation, revenues, and peace of mind.
Professional liability insurance for real estate brokers offers additional coverages. By availing this, you enjoy better protection. Here are some of the most common ones:
The coverage limits of real estate broker e&o insurance are $250,000 and $2 million per occurrence and aggregate. But note that this just a minimum amount. It’s possible for real estate agent and real estate broker errors and omissions insurance to have as much as $5 million-$10 million per occurrence and aggregate limit.
Real estate PI insurance is a short-term for professional indemnity insurance. Professional indemnity insurance is another name for errors and omissions insurance
Professional liability coverage is a type of real estate agent and real estate broker liability insurance that’s underwritten as a claims-made or occurrence policy. An occurrence professional liability insurance grants protection even if it has expired so long as a covered peril happened during it’s lifetime. On the other hand, a claims made professional liability insurance can only be used while its active. You need an extended reporting period add-on to make this more comprehensive.
Limits Of General Liability Insurance for Real Estate Agents And Realtors
| Value | |
|---|---|
| General liability per occurrence limit | $1 million-$2 million |
| General liability aggregate limit | $1 million-$2 million |
| Products and completed operations coverage limit | $1 million |
| Advertising injury coverage limit | $1 million |
| Rented premises liability coverage limit | $250,000 |
| Medical payments coverage limit | $5,000-$10,000 |
Accidents can happen in your office. This is why you must also get general liability insurance aside from errors and omissions insurance.
General liability insurance for real estate companies and agents kicks in when a claim for bodily injuries or property damage is filed by clients, independent contractors, businesses, and other third parties. Some situations where you’ll find this real estate company and real estate agent liability insurance useful are when:
In connection, this type of real estate agent insurance policy takes care of these costs each time a claim is filed:
General liability is very comprehensive. And so, it will also protect you against these exposures:
A real estate broker can further customize his policy by adding on additional insurance protection. Some examples include:
The coverage limits for this real estate broker liability insurance will often vary but are typically $1 million per occurrence and $2 million in aggregate for the policy term.
Generally, the price of general liability insurance is based on the amount of risk in your business, the size of your business, its financial position, and the size of your employee payroll.
Get all the best quotes from leading providers in a click of a button!
Limits Of Commercial Auto Insurance for Real Estate Agents And Realtors
| Value | |
|---|---|
| Auto liability coverage limit (minimum) | $25,000 per bodily injury $50,000 per accident $15,000 per property damage |
| Underinsured motorist coverage limit (minimum) | $25,000 per bodily injury $50,000 per accident |
| Uninsured motorist coverage limit (minimum) | $25,000 per bodily injury $50,000 per property damage |
| Comprehensive and collision coverage limit | Equal to your vehicle’s replacement cost |
| Rental reimbursement coverage limit | $50 per day $1,900 max |
Realtors and real estate agents are constantly on the go. It’s bliss to have a personal car. While you might think of only using personal car insurance, we suggest you switch to commercial auto insurance for more comprehensive protection.
Real estate car insurance – a commercial auto policy – provides coverage for all the time you use your vehicle to meet clients, take them to properties, and deliver documents to the office. Typically, this insurance will have the following:
Commercial auto coverage ranges between $100,000 and $1 million. Typically it is recommended that you shoot for a coverage of at least $500,000.
Yes, some insurance providers allow you to use your personal vehicle with commercial auto insurance. Keep in mind this will only cover your vehicle when it is being used for business-related matters.
Limits Of Commercial Property Insurance for Real Estate Agents And Realtors
| Value | |
|---|---|
| Building coverage limit | $25,000-$1 million |
| Contents coverage limit | $25,000-$1 million |
| Outdoor property coverage limit | $1,000-$2,500 |
| Personal effects coverage limit | $500-$2,500 |
| Coverage limit for off-premises business property | $10,000 |
| Accounts receivable | $5,000-$10,000 |
Your office and its contents are valuable. You spent a lot on such properties. This is why just like real estate investors, you also need commercial property insurance.
Commercial property insurance will cover your office. This insurance will grant reimbursement for financial losses, so that you can cover your real estate office’s repair or reconstruction. Coverage applies when the office gets damaged or destroyed by:
Most insurance companies allow the policy to cover a condo office, a home office, and a dedicated commercial building you own, rent, or lease. Others are less forgiving and only insure an office you own.
The coverage of commercial property insurance also applies to your office’s contents, such as papers, cash, printed files and documents, furniture, fixtures, interior installations, etc.
Remember that commercial property insurance has exclusions, and it can’t give a helping hand if something happens to your office because of floods, earthquakes, landslides, or mudslides. Consider adding riders or endorsements to cover these exposures.
Some add-ons to consider include:
A typical coverage limit for commercial property is around $60,000. Your coverage limit is calculated based on the value of your commercial property.
Commercial property insurance automatically offers a home-based business policy wording. This means that the policy will treat your home as a commercial property so long as a covered peril happened while it’s being used for business operations.
Typically no. You would need commercial auto insurance to cover liabilities and damage to your business vehicles. Commercial property insurance will cover property like equipment and supplies that are stored at your business premises.
Your investment works well with a business owner’s policy. This insurance combines the protection of general liability and commercial property insurance. Here are some situations where this insurance can help:
BOP has a typical coverage limit of $1 million per occurrence for general liability, and the commercial property coverage is determined by your property’s value.
No. Most components of BOP are not required by law. However, many clients and companies you work with might require a form of general liability insurance to do business. Some landlords might also require commercial property insurance if you rent your business space.
Yes, it can be. This policy adds protection for employees’ personal vehicles that they use for business purposes.
Tools and equipment insurance is a policy that protects your tools and equipment if they get damaged, destroyed, or stolen. Example situations include:
Tools and equipment insurance covers around $5,000. Higher limits are available if you have more expensive equipment.
Tools and equipment insurance gives you flexibility because it covers your tools while they are off your business property. This means you can bring your real estate tools with you and not have to worry about them if they get damaged or stolen.
Workers comp for real estate agents and brokers is handy for working with full-time or part-time associates.
You must provide compensation if an employee sustains an injury while meeting a client, inspecting a real property, or showing a client around. Workers’ compensation insurance assumes this responsibility on your behalf.
Each time an employee of your real estate agency sustains a work-related injury, this business insurance for real estate agents takes care of these costs:
Workers’ compensation insurance can also help if your employee sustained an occupational disease. However, you must provide solid proof that such is the case.
Note that workers comp only covers full-time and part-time employees. Independent contractors, volunteers, and interns aren’t automatically named as insureds in the terms of the policy. Nonetheless, you can provide coverage to these entities by listing them as additional insureds.
A First Report of Injury (FROI) is an important form that helps employees get their benefit claims process started. It is filed by the worker, employer, or medical provider and sent to the insurance provider.
Some types of employee benefits will have no limits or exclusions. However, a state’s governing body will typically limit the amount of lost wages that can be paid out.
Limits Of Employer’s Liability Insurance for Real Estate Agents And Realtors
| Value | |
|---|---|
| Employee bodily injury by accident coverage limit | $100,000-$2 million |
| Employee bodily injury by disease coverage limit | $500,000-$2 million |
| Employee bodily injury per policy | $100,000-$2 million |
Employer’s liability insurance is commonly offered as part of workers’ compensation insurance. This will take care of settlements, defense costs, and compensation for punitive damages if an employee sues you for negligence after sustaining a work-related injury or disease.
If you collect data such as addresses and financial information in order to find the best properties for clients, then cyber liability insurance is absolutely helpful.
Cyber liability insurance provides protection when an employee error, cybersecurity issue, or cyberattack results in the leakage of clients’ confidential information. This policy takes care of these costs:
Cyber liability insurance has a $250,000-$2 million coverage limit. Some insurance companies allow you to get up to $10 million coverage from this insurance.
Realtor and real estate agent insurance requirements vary per state and will highly depend on the licensing body that oversees your practices. Consider getting $1 million-$2 million errors and omissions insurance, so that you don’t fall short. General liability insurance might not be required. But still, purchase the policy and get at least $1 million coverage.
The cost of a $1 million general liability insurance for real estate agents is $39 per month or $468 per year. Many factors affect the realtor and real estate agent insurance cost, and your rates can be exactly the same or a bit different from the estimate we provided.
Significant factors that affect real estate and realtor insurance cost are revenues, number of associates, claims history, business history, and location. Which insurance company you work with also matters. And so, here’s a table showing the rates of the carriers that offer the best insurance for real estate agents:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $28 | $336 | Best overall; Fastest general liability insurance for real estate agents and realtors |
| CoverWallet | $31.08 | $372.96 | Real estate agent and realtor insurance online quotes comparison |
| Tivly | $33 | $396 | Comparing real estate and realtor insurance quotes over the phone |
| Thimble | $35 | $420 | On-demand general liability insurance for real estate offices |
| Hiscox | $37 | $444 | General liability insurance with worldwide coverage for real estate agents and realtors |
You get the best picture of real estate agent cost by comparing quotes. Compare the pricing of carriers by clicking the “Get Quotes” button on this page.
The cost of E&O insurance for realtors and real estate agents is $50 per month or 600 per year. Many factors affect real estate broker e&o insurance cost, such as claims history, revenues, business history, location, and more. In connection, here’s a table showing the error and omissions insurance cost for real estate agents and realtors as charged by the recommended carriers:
| Cost per month | Cost per year | Best for | |
|---|---|---|---|
| eXp Realty | $40 | $480 | eXp members |
| Rice Insurance | $53 | $636 | Errors and omissions for real estate agents and realtors that satisfies state requirements |
| Keller Williams | $56 | $672 | Errors and omissions insurance for real estate agents and realtors with low deductibles |
While premiums might be expensive, you can get cheap e&o insurance for real estate agents and realtors by:
The average real estate broker insurance cost is $47 per month or $564 per year for a $1 million general liability insurance. Factors that affect the cost of premiums are claims history, business history, deductibles, policy limits, revenues, and location.
Get all the best quotes from leading providers in a click of a button!
Consider working with these companies. Read some of the reviews below to know their pros, cons, and rate for a $1 million general liability insurance.
Realtors and real estate agents can get general liability, workers’ compensation, commercial property, and errors and omissions insurance from NEXT.
This company’s general liability insurance provides a $300,000 minimum coverage. You can upgrade the policy to increase limits up to $1 million and enjoy a $1 million professional liability coverage.
Best for: Best overall; Fastest general liability insurance for real estate agents and realtors
Average cost: $28 per month
Our rating: 10/10
CoverWallet sells general liability, errors and omissions, commercial property, workers’ compensation, and cyber liability insurance for real estate agents and realtors. Note that this company also sells real estate broker insurance policies.
Your general liability insurance from CoverWallet will have a $1 million per occurrence limit and a $2 million aggregate. You can name additional insureds on the policy for free. This carrier also allows you to add non-owned/hired auto liability coverage to the policy.
Best for: Real estate agent and realtor insurance online quotes comparison
Average cost: $31.08 per month
Our rating: 10/10
Tivly (formerly CommercialInsurance.NET) offers general liability, commercial property, workers’ compensation, and other business insurance policies to realtors and real estate agents. A representative will discuss the features of your insurance.
Call Tivly now to compare real estate agent and realtor insurance quotes over the phone and get covered.
Best for: Comparing real estate and realtor insurance quotes over the phone
Average cost: $33 per month
Our rating: 10/10
Thimble provides coverage for real estate offices such as those of agents, realtors, brokers, and investors. Policies you can get are workers’ compensation, general liability, and business owner’s policy.
Your general liability insurance from this company has a $1 million minimum limit. Thimble allows you to add $2,500 coverage for business equipment. Last but not least, you can get this company’s general liability insurance as an hourly, daily, or weekly policy.
Best for: On-demand general liability insurance for real estate offices
Average cost: $35 per month
Our rating: 9/10
Hiscox underwrites general liability, business owner’s policy, and cyber liability insurance for realtors and real estate agents. Other policies you can get from this company are underwritten by partners.
Your general liability insurance from this company provides $250,000-$2 million coverage. Hiscox allows you to upgrade its general liability insurance to enjoy a waiver of subrogation and naming of additional insureds.
Best for: General liability insurance with worldwide coverage for real estate agents and realtors
Average cost: $37 per month
Our rating: 9/10
These are the best E&O insurance for realtors and real estate agents. Read to know their pros, cons, and their e&o insurance cost for real estate agents and realtors.
eXp Realty is a residential real estate brokerage that also offers insurance policies to the realtors and agents that are members. eXp believes in taking a progressive approach to real estate insurance, taking full advantage of the internet and any tools at their disposal to get their members the support they need.
eXp offers a flat-rate real estate broker errors and omissions insurance policy to all of their members, charging them $40 per month with a maximum cost of $480 per year. However, you also have to pay for eXp membership if you want to take advantage of other insurance policies.
Best for: eXp members
Average cost: $40 per month
Our rating: 9/10
Keller Williams has been in business since 1983, and it’s one of the largest real estate companies worldwide. Despite not being an insurance carrier, they work closely with Austin and Austin Insurance Services to ensure that every real estate agent that works with them has comprehensive real estate business insurance.
The real estate agent and real estate broker e&o insurance from Keller Williams features a $2 million limit for each claim and a $2 million aggregate limit. In certain cases, there may even be a 50% deductible reduction, and legal fees are split 80/20.
Best for: Errors and omissions insurance for real estate agents and realtors with low deductibles
Average cost: $56 per month
Our rating: 9/10
Rice Insurance specializes in E&O insurance for realtors, and they operate in the majority of states that require realtors to maintain active insurance. The company is supported by the Continental Casualty Company, which maintains an A.M. Best rating of A.
Rice’s errors and omissions insurance for real estate agents depends on the state in which it is purchased. Since every one of these states has different requirements for realtor E&O coverage, the policy varies based on where you purchase it and it only applies in the state in which a realtor is licensed.
Best for: Errors and omissions for real estate agents and realtors that satisfies state requirements
Average cost: $53 per month
Our rating: 8/10
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
Not all those who wander are lost.
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