For your best business protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!
Real estate has its own set of risks. Clients can sue you, employees can get hurt while inspecting a property, and business property can get lost or damaged. Consider getting realtor and real estate agent insurance. In this discussion, you will learn:
The functions of errors and omissions insurance for real estate agents
Other policies you need aside from errors and omissions insurance
How much you’ll pay for premiums
Which companies provide the best real estate agent and realtor insurance
Limits Of Real Estate Agent And Realtor Errors and Omissions Insurance
|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|
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
E&O insurance for realtors and 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:
A client filed a claim and accused you of getting a commission more than what was agreed upon
A buyer filed a claim and cited that you didn’t disclose that the property has high levels of asbestos
You inflated the cost of the property to get higher commissions
You lost the important documents of a client, and this created problems in the sale of the property
You disclosed the important information of a client to a third party without prior consent
Also called professional liability insurance and professional indemnity insurance, e and o insurance for realtors and real estate agents is designed to cover these costs everytime a claim for negligence, breach of fiduciary duty, violation of fair dealing, inaccurate advice, and other related offenses is filed:
Public relations expenses
Defense costs such as attorney fees, court filing fees, and others
E&O insurance for real estate agents and realtors might be required by law, depending on where you practice. Consider getting this insurance because it will help with your reputation, revenues, and peace of mind.
Limits Of General Liability Insurance for Real Estate Agents And Realtors
|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 realtors and real estate 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 insurance useful are when:
An independent contractor is repairing the fixtures of your office. He falls from the ladder and sustains injuries
The client was inside your office and lost his phone. He demands you refund his loss
A representative of another company visited your office to deliver something. He slipped and fell on a wet floor
You and a client were touring a property. He tripped over something and sustained bruises
You damaged a furniture while showing the client’s house to a prospective buyer
In connection, general liability insurance for real estate agents and businesses takes care of these costs each time a claim is filed:
General liability insurance allows you to cover the medical treatment of a third party who sustained injuries because of your fault.
Refunds for Property Damage
You can use general liability insurance to get the funds needed to refund the property of the client that got lost or damaged because of your fault.
Realtor liability insurance provides the funds you can use as a settlement for a third party’s loss, pain, or suffering.
General liability is a type of real estate business insurance that helps with lawsuits. It takes care of attorney fees, court filing fees, investigation fees, and other related expenses on your behalf.
General liability is very comprehensive. And so, it will also protect you against these exposures:
Liability Over Rented Premises
General liability insurance comes with rented premises liability coverage. This allows you to indemnify the losses of the landlord in case a space you’re renting is damaged by fire.
Advertising Injury And Defamation
Advertising injury coverage is included in the language of general liability insurance. The policy will help cover settlements and defense costs if you’re liable for copyright infringement, slander, or libel.
Liability Over Products And Completed Operations
General liability insurance comes with products and completed operations coverage. This takes care of your responsibility over finished transactions. A situation where you’ll find this useful is when a buyer sustains injuries or property damage because of his new house and blames you for it.
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
|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|
Realtors and real estate agents are constantly on the go. It's bliss to have a personal car. While you might be thinking of only using personal car insurance, we suggest you switch to commercial auto insurance for a more comprehensive protection.
Commercial auto insurance 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:
Auto Liability Coverage
Commercial auto insurance has auto liability coverage. And so, the policy can cover these costs if you cause an accident while driving to meet a client or inspect a real property with clients:
Medical treatment of the injured parties
Reimbursement for the damaged properties of third parties
Defense costs if the victims of the accident decide to sue
Note that auto liability coverage doesn’t cover instances of vehicular accidents caused by reckless driving, DUI, and other criminal activities.
Physical Damage Coverage
Commercial auto insurance comes with physical damage coverage. It will help you cover the cost of vehicle maintenance. We can further classify physical damage coverage as collision or comprehensive.
Collision physical damage coverage means that commercial auto insurance will cover repair or replacement expenses if your commercial vehicle got damaged in a vehicular accident.
The comprehensive physical damage coverage of commercial auto insurance takes care of costs if fire, theft, vandalism, weather, and other covered perils damaged your commercial vehicle.
Underinsured/Uninsured Motorist Coverage
Underinsured and uninsured motorist coverage are also included in the commercial auto insurance for realtors and real estate agents.
These will cover your medical expenses in case an accident happens, and the driver who caused it isn’t insured or doesn’t have enough auto liability insurance.
Rental Reimbursement Coverage
You can add rental reimbursement coverage to commercial auto insurance. By having this, the policy will reimburse your fair or vehicle rental expenses while your own auto is out of commission and is being repaired.
Limits Of Commercial Property Insurance for Real Estate Agents And Realtors
|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|
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.
Workers' compensation insurance is handy if you’re 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, workers' compensation insurance takes care of these costs:
Your real estate agency can use workers' compensation insurance to cover first aid treatment and emergency medical care for an employee who sustained an occupational injury.
Workers' compensation insurance is designed to cover fees for room, nursing, food, and other bills if your employee, who sustained a work-related injury, needs to stay in the hospital.
Carriers allow your real estate agency to use workers' compensation insurance so that an injured employee can buy the needed medicines.
Workers' compensation insurance can provide funds if an employee needs rehabilitative care to fully recover from an occupational disease and resume his or her duties.
Your real estate agency can use workers' compensation insurance to cover the lost wages of an employee who sustained an occupational injury. The policy provides a weekly allowance equal to two-thirds or 67% of the average weekly wage.
If your employee dies because of an occupational injury, workers' compensation insurance will take care of funeral expenses and provide an allowance to dependents.
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.
Limits Of Employer’s Liability Insurance for Real Estate Agents And Realtors
|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:
Data recovery expenses
Credit and identity monitoring expenses
Public relations expenses for informing affected clients
Cost of professional services for containing the breach
Business income loss
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 recommended carriers:
|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, realtor, and real estate broker insurance 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 pricing, 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:
Having clients sign off deliverables
Paying higher deductibles
Keeping up-to-date with certifications and trainings
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.
Get an online proof of insurance and send as a text message, email, or social media post
Fastest general liability insurance
Great customer service and reputation
Issues an online proof of insurance instantly
Outstanding value for money
Bundle two or more insurance policies and get a 10% discount
Couldn’t find any
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
Compare real estate insurance quotes online
No deductibles on general liability insurance
Online policy management and payment of premiums
Not an insurance company but an insurance broker
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
Responsive customer service
Call and get quick coverage
A partner of many reputable insurance companies
You need to call to get a quote
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
Short-term general liability insurance
Choose limits and deductibles
Issues an estimate of your rates quickly
Doesn’t sell commercial property insurance as a stand-alone policy
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
In-house team of claims adjusters
14-day money-back guarantee
Commercial auto insurance and workers' compensation insurance is sold in partnership with other carriers
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 membership comes with stock
Professional liability insurance includes coverage for your business personal property
You need to become a member to get other insurance policies
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
Applies to residential and commercial sales
Legal fee split
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
Available in 12 out of 13 states where insurance is mandated
Coverage exceeds the minimum requirements
Guaranteed-issue errors and omissions insurance
Not a carrier itself
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
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
It really can't get any better than this... wow
Policy Type: Business Insurance
Company name: CoverWallet Business Insurance
Very good experience
Terrific experience with their construction business insurance! 10/10! Thank you!