Real estate professionals face many risks in their line of work. Listed below are the top risks to consider when purchasing a comprehensive liability insurance plan.
The most detrimental risk exposures for real estate professionals are ethics violations. If an agent fails to disclose a property defect, the client may sue. Professional liability insurance protects against ethics violation claims, but insurance can’t eliminate a tarnished reputation. It is critical to be honest and transparent at all times. It’s also important to get the specifics in writing ahead of the sale to ensure there are no misunderstandings.
Injuries on Location
During an open house, a visitor could slip and hurt themselves. They might also knock over an expensive heirloom. Each situation is different, but the agent may be held liable for injuries and damages at the home. A general liability insurance package protects real estate professionals in these situations.
Real estate agents spend a lot of time driving to and from showings. Most personal auto insurance policies don’t fully cover damages from business-related accidents. A hired and non-owned car insurance plan protects vehicles you use for work. If a company-owned car is used, this vehicle must be covered under a commercial auto insurance plan.
Protect your investment against these liability claims with a comprehensive insurance package.