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Real Estate Broker Insurance: Cost & Quotes From $25/mo

Table of contents
1. General Liability Insurance for Real Estate Brokers1.1. Add-Ons of General Liability Insurance for Real Estate Brokers1.2. Coverage Limits of General Liability Insurance for Real 1.3. What Can Affect the Price of General Liability Insurance?2. Professional Liability  Insurance for Real Estate Brokers2.1. What is E&O Insurance?2.2. Add-Ons of Professional Liability Insurance for Real Estate Brokers2.3. Coverage Limits of Professional Liability Insurance for Real Estate Brokers3. Commercial Property Insurance for Real Estate Brokers3.1. Add-Ons of Commercial Property Insurance for Real Estate Brokers3.2. Coverage Limits of Commercial Property Insurance for Real Estate Brokers3.3. What if I Have a Home Business?3.4. Does My Commercial Property Policy Cover Vehicles?4. Business Owner’s Policy for Real Estate Brokers4.1. Add-Ons of Business Owner’s Policy for Real Estate Brokers4.2. Coverage Limits of Business Owner’s Policy for Real Estate Brokers4.3. Is Business Owner’s Policy Required by Law?4.4. Is Non-owned Auto Insurance Able to Be Added to My Business Owner’s Policy?5. Tools and Equipment Insurance for Real Estate Brokers5.1. Add-Ons of Tools and Equipment Insurance for Real Estate Brokers5.2. Coverage Limits of Tools and Equipment Insurance for Real Estate Brokers5.3. What is the Main Advantage of Tools and Equipment Insurance?6. Commercial Auto Insurance for Real Estate Brokers6.1. Coverage Limits of Commercial Auto Insurance for Real Estate Brokers6.2. Add-Ons of Commercial Auto Insurance for Real Estate Brokers6.3. Can I Use My Personal Vehicle for Commercial Auto Insurance?7. Workers Compensation Insurance for Real Estate Brokers7.1. What is a First Report of Injury?7.2. Are There Limits to Workers’ Compensation Benefits?7.3. Add-Ons of Workers’ Compensation for Real Estate Brokers8. Real Estate Broker  Insurance Cost9. Best Real Estate Broker Insurance Companies9.1. NEXT Real Estate Broker Insurance 9.1.1. Pros9.1.2. Cons9.2. The Hartford Real Estate Broker Insurance 9.2.1. Pros9.2.2. Cons9.3. CoverWallet Real Estate Broker Insurance 9.3.1. Pros9.3.2. Cons9.4. Tivly Real Estate Broker Insurance 9.4.1. Pros9.4.2. Cons9.5. Thimble Real Estate Broker Insurance 9.5.1. Pros9.5.2. Cons9.6. Hiscox Real Estate Broker Insurance 9.6.1. Pros9.6.2. Cons

There were 48,060 real estate brokers in the US in 2022.  As a real estate broker, you need to protect your business financially now more than ever. One way to do that is through a comprehensive insurance policy. Consider getting insured because you’ll need adequate coverage just like real estate agents

By getting covered, you can rest easy even if you get involved in a lawsuit with a real estate investor. You can also use your insurance policy to cover financial losses in case the office gets damaged or destroyed. Continue reading to get answers to your questions about real estate broker insurance

General Liability Insurance for Real Estate Brokers


CoverWallet NEXT (Best)Thimble HiscoxThe Hartford
Per occurrence limit $1,000,000$1,000,000$1,000,000/$2,000,000$300,000/$1,000,000$1,000,000/$2,000,000
Aggregate limit $2,000,000$1,000,000/$2,000,000$1,000,000/$2,000,000$300,000/$2,000,000$1,000,000/$2,000,000
Products and completed operations aggregate limit $2,000,000
$1,000,000$1,000,000$1,000,000$1,000,000
Advertising injury coverage aggregate limit $1,000,000$1,000,000$1,000,000$1,000,000$1,000,000
Tenant’s legal liability coverage limit $100,000
$100,000$5,000$100,000$1,000,000
Waiver of subrogation included?YesNoIncludedCan be includedNo
Hired/non-owned auto liability coverage included?YesNoExcludedCan be includedCan be included
Equipment breakdown floater included?No YesYesCan be includedCan be included


General liability insurance for real estate brokers is a policy that protects you from third-party injury and property damage claims. Some situations to use this policy include:

  • A customer slips and falls while walking on your business property

  • While helping a customer, one of your employees accidentally damages their personal property


Add-Ons of General Liability Insurance for Real Estate Brokers

A real estate broker can further customize his policy by adding on additional insurance protection. Some examples include:

  • Employment practices liability–Adds protection for discrimination, harassment, and wrongful termination claims from employees

  • Tools and equipment–This coverage helps protect tools and equipment used for business when they are damaged or stolen in covered events


Coverage Limits of General Liability Insurance for Real 

The coverage limits for this real estate broker liability insurance will often vary but are typically at $1 million per occurrence and $2 million in aggregate for the policy term.


What Can Affect the Price of General Liability Insurance?

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.


Professional Liability  Insurance for Real Estate Brokers


CoverWallet NEXTThimble (Best)HiscoxThe Hartford
Per occurrence limit $1,000,000$1,000,000$1,000,000/$2,000,000$1,000,000$1,000,000
Aggregate limit $2,000,000$2,000,000$1,000,000/$2,000,000$1,000,000$2,000,000
Name additional insureds?YesYesYesYesYes
Waiver of subrogation included?YesNoYesCan be includedNo


Professional liability insurance for real estate brokers is a type of insurance policy that protects against mistakes, errors, and negligence in your business practices. Examples of when coverage can apply  include:

  • A client lawsuit accused you of failing to provide adequate services

  • A mistake that one of your real estate brokers made caused the customer to lose money.


What is E&O Insurance?

Real estate broker e&o insurance is another name for professional liability insurance. Real estate broker errors and omissions insurance protects from a variety of different kinds of claims like:

  • Breach of contract

  • Failing to maintain listings

  • Mistakes in drafting sale documents

  • Not keeping client matters confidential


Add-Ons of Professional Liability Insurance for Real Estate Brokers

  • Additional insured–This allows you to add other parties to your insurance policy that are not part of the original coverage. Typically additional insured parties have more limited protection unlike the policyholder

  • Excess liability–Allows you to purchase additional coverage beyond the coverage limits of your real estate broker professional liability insurance policy


Coverage Limits of Professional Liability Insurance for Real Estate Brokers

The coverage limits of real estate broker e&o insurance are $250,000 and $2 million per occurrence and aggregate. 

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Commercial Property Insurance for Real Estate Brokers


CoverWalletNEXT (Best)ThimbleThe HartfordHiscox
Building coverage limit (minimum)$50,000$330,000$25,000/$500,000$60,000$25,000
Contents coverage limit (minimum)$50,000$35,000$25,000/$500,000$60,000$15,000
Outdoor signsExcluded$2,500ExcludedExcludedIncluded
Accounts receivable ExcludedExcluded$5,000/$10,000ExcludedIncluded
Money and securitiesExcluded$2,500$1,000ExcludedIncluded
Lock and keys Excluded$2,500ExcludedExcludedIncluded
Business interruption floaterExcludedIncludedIncludedExcludedIncluded
Equipment breakdown floaterExcludedIncludedExcludedExcludedIncluded
Inland marine insurance floaterExcludedExcluded$10,000ExcludedExcluded
Employee dishonesty floaterExcluded$5,000$2,500ExcludedExcluded


Commercial property insurance protects your building and the property contained within it. Some situations where this insurance is used include:

  • A fire breaks out on your business property

  • Severe windstorms damage some of your equipment

  • A criminal breaks into your office and steals some electronics


Add-Ons of Commercial Property Insurance for Real Estate Brokers

Some add-ons to consider include:

  • Flood insurance–Provides protection from floodwater damage that might not be covered in a standard commercial property policy

  • Equipment breakdown–Covers damage from internal forces on your equipment from things like mechanical failure or power surges


Coverage Limits of Commercial Property Insurance for Real Estate Brokers

A typical coverage limit for commercial property is around $60,000. Your coverage limit is calculated based on the value of your commercial property.


What if I Have a Home Business?

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. 


Does My Commercial Property Policy Cover Vehicles?

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.




Business Owner’s Policy for Real Estate Brokers


CoverWalletNEXT (Best)Thimble The HartfordHiscox
General liability aggregate limit $2,000,000$1,000,000/$2,000,000$1,000,000/$2,000,000$1,000,000/$2,000,000$300,000/$2,000,000
Commercial property coverage limit $50,000$330,000$25,000/$500,000$75,000$75,000
Optional policies can be added?YesYesYesYesYes
Name additional insureds for free?YesYesYesYesYes
BOP discount?YesYesYesYesYes


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:

  • A customer injures themselves while walking through a house tour

  • A weather event causes property damage to your real estate office


Add-Ons of Business Owner’s Policy for Real Estate Brokers

  • Business interruption–Protects your business's lost profits from a physical peril and helps you make payments on loans, mortgages, and rent

  • Outdoor property–Extends protection to outside business property like real estate signs

  • Employee dishonesty–Covers incidents that employees cause, like stolen office equipment, forgery, and cyber crimes. It is important to consider because employee theft costs $50 billion per year, according to the AWCI


Coverage Limits of Business Owner’s Policy for Real Estate Brokers

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.


Is Business Owner’s Policy Required by Law?

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.


Is Non-owned Auto Insurance Able to Be Added to My Business Owner’s Policy?

Yes, it can be. This policy adds protection for employees' personal vehicles that they use for business purposes.


Tools and Equipment Insurance for Real Estate Brokers


NEXT ThimbleHiscoxThe Hartford
Aggregate limit$3,000/$10,000$2,500/$5,000$15,000/$25,000$5,000-$10,000
Covers hired and borrowed equipment?$3,000/$10,000$2,500/$5,000NoYes
Miscellaneous equipment also covered?$5,000/$10,000NoYesYes
Offered as an endorsement to general liability insurance?YesYesYesYes
Deductible$500$500$0$0


Tools and equipment insurance is a policy that protects your tools and equipment if they get damaged, destroyed, or stolen. Example situations include:

  • Your computer equipment gets stolen by someone looking to sell it

  • The camera or computer you use gets damaged by a lightning surge 


Add-Ons of Tools and Equipment Insurance for Real Estate Brokers

  • Equipment breakdown coverage–Real estate brokers can purchase this coverage to protect tools and equipment from damage that causes that may normally be excluded. This can include causes like mechanical breakdowns and power outages that cause an electronic surge.

  • Inland marine–A type of insurance coverage that protects tools and equipment when they are stored offsite as well as during transportation


Coverage Limits of Tools and Equipment Insurance for Real Estate Brokers

Tools and equipment insurance covers around $5,000. Higher limits are available if you have more expensive equipment.


What is the Main Advantage of Tools and Equipment Insurance?

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.


Commercial Auto Insurance for Real Estate Brokers

Commercial auto insurance protects your business vehicle from liability claims and accidents while on the job. Some situations to use this coverage are listed below.

  • You drive a commercial vehicle to pick up a client to look at a house but get into an accident along the way

  • A business vehicle you use is parked while you are working and gets vandalized by someone on the street


You will see that commercial auto insurance has several components, which include:

  • Comprehensive–Protects from physical perils outside of accidents like weather, vandalism, and theft

  • Collision–Protects your vehicle when it gets into an accident with another vehicle on the road

  • Auto liability–Covers costs associated with liability claims involving injuries to others and their property

  • Uninsured/underinsured motorist–Provides protection when another driver’s insurance cannot cover the costs of your medical treatment or damage to the vehicle you own


Coverage Limits of Commercial Auto Insurance for Real Estate Brokers

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.


Add-Ons of Commercial Auto Insurance for Real Estate Brokers

  • Roadside assistance–Helps cover costs to get your vehicle out of a bad situation on the road, like towing fees

  • GAP coverage–GAP coverage will cover the remainder of you the cost you owe on a loaned vehicle when it gets totaled due to theft, vandalism, fire, collision, and other covered perils 


Can I Use My Personal Vehicle for Commercial Auto Insurance?

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.


Workers Compensation Insurance for Real Estate Brokers

Workers' compensation insurance is a policy that provides financial benefits to employees that contract an illness or get injured while working for you. Examples include:

  • An employee develops a chronic hand condition like carpal tunnel syndrome from sitting at the computer working for clients

  • One of your employees falls and injures their back, requiring medical treatment


What is a First Report of Injury?

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.


Are There Limits to Workers’ Compensation Benefits?

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.


Add-Ons of Workers’ Compensation for Real Estate Brokers

  • Employer’s liability–Provides protection to the employer when employees sue for negligence following a work-related injury or disease. It is sometimes automatically included in your workers’ compensation policy

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Real Estate Broker  Insurance Cost


Cost per MonthCost per YearDeductible
General liability insurance$47$564$0-$500
Professional liability insurance$60$720$500-$1,000
Commercial property insurance$80$960$1,000-$2,000
Business owner's policy$127$1,524$1,500
Tools and equipment insurance$49$588$500-$1,000
Commercial auto insurance$61$732$500-$1,000
Workers compensation insurance$93$1,116$2,500-$5,000


The average real estate broker insurance cost is $47 per month or $564 per year for a $1 million general liability insurance. Real estate broker e&o insurance cost is $60 per month or $720 per year for a $1 million coverage. 

 Factors that affect the cost of premiums are claims history, business history, deductibles, policy limits, revenues, and location. Here’s a table showing the cost of a $1 million general liability insurance from companies we recommend:


Cost per MonthCost per YearBest for
NEXT$25$300Best overall; Fastest general liability insurance for real estate brokers
Hiscox$29$348Real estate broker insurance with automatic renewal
CoverWallet$32$384Comparing real estate broker insurance quotes online
Tivly$35$420Comparing real estate broker insurance quotes over the phone
The Hartford$40$480Real estate industry experience
Thimble$42$504Short-term general liability insurance for real estate brokers

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Best Real Estate Broker Insurance Companies

Here are some companies you might want to work with. Read some of the reviews below to know their pros, cons, and average cost for a $1 million general liability insurance.


NEXT Real Estate Broker Insurance

Pros

  • Best overall

  • Issues an online proof of insurance instantly

  • Fastest general liability insurance for real estate brokers 

  • Great customer service and reputation

  • Excellent rates

  • Outstanding value for money

  • Get a 10% discount if you buy two or more policies 

Cons

  • Couldn’t find any

NEXT is a spectacular insurance provider that offers real estate brokers many advantages when building their policies. They have personalized policies at a competitive price and offer components of real estate broker insurance like general liability, professional liability, workers comp, tools and equipment insurance, and more. NEXT has an A- rating with AM Best and a B+ rating with the Better Business Bureau.

Best for: Best overall; Fastest general liability insurance for real estate brokers 

Average cost: $25 per month 

Our rating: 10/10 


The Hartford Real Estate Broker Insurance

Pros

  • 200 years of insurance experience

  • Personalized customer service

  • Renowned company for workers comp insurance

Cons

  • Typically offers fewer discounts than some competitors

The Hartford has experience in the form of property management policies and  real estate broker insurance made for your market. They clearly outline the advantages of their policies to real estate brokers and offer common policies like general liability, commercial auto, and professional liability. The Hartford has A+ rating from AM Best.

Best for: Real estate industry experience

Average cost: $40 per month 

Our rating: 10/10 


CoverWallet Real Estate Broker Insurance

Pros

  • Extensive online dashboard that is perfect for policy tracking

  • Excellent customer service

  • Compare quotes quickly online

  • HNOA coverage automatically included in general liability insurance

Cons

  • Not an insurance company but an insurance broker 

CoverWallet’s allows you to quickly compare quotes for real estate broker insurance. You get to shop policies of its partners with options like general liability, = business owner’s policy, and more. CoverWallet boasts an A+ from the BBB.

Best for: Comparing real estate broker insurance quotes online 

Average cost: $32 per month 

Our rating: 10/10 


Tivly Real Estate Broker Insurance

Pros

  • Has multiple partners

  • Helps connect your business with a provider that meets your needs

  • Compare quotes over the phone

Cons

  • Have to call to get a quote

Tivly allows you to shop a digital marketplace with over 200 partners. They offer policies with names like The Hartford and Liberty Mutual. The company uses flexible targeting to match policyholders with insurance companies to get the best results. Tivly has an A rating from the Better Business Bureau. Call now to compare quotes over the phone. 

Best for: Comparing real estate broker insurance quotes over the phone 

Average cost: $35 per month 

Our rating: 10/10 


Thimble Real Estate Broker Insurance

Pros

  • Great online experience

  • Flexible payment models

  • You can get general liability as a short-term coverage

Cons

  • Some policies may be more limited in options

Thimble offers a suite of policies essential for real estate broker insurance like general liability, professional liability, commercial property, and workers’ compensation insurance. The company is quick to buy from and serves over 300 professions. They have an AM Best financial strength rating of A+.

Best for: Short-term general liability insurance for real estate brokers

Average cost: $42 per month 

Our rating: 10/10


Hiscox Real Estate Broker Insurance

Pros

  • Customized policy

  • Get a discount when bundling multiple policies

  • Numerous upgrades to base policies

  • Automatic policy renewal

Cons

  • Some policies may not be covered in all states

Hiscox is a small business-focused insurance provider with policies like general liability, professional liability, and workers' compensation. Their dedicated team works with you to get a unique and customized policy that maximizes the coverage for what you are paying. Hiscox has an A+ rating for long-term insurer strength from Fitch and an A rating from AM Best.

Best for: Real estate broker insurance with automatic renewal 

Average cost: $29 per month 

Our rating: 10/10 


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