As we celebrate the holidays, phone and email support may be limited from Monday, 12/25 through Tuesday, 12/26, as well as on Monday, 1/1 . You can still access your account and apply for quotes online.
Real Estate Business Insurance
What kind of work do you do?
Or call us at (800) 688-1984
Choose from the nation's best insurance providers
Business owner’s policy
A business owner’s policy (BOP) bundles general liability insurance with commercial property insurance. It typically costs less than if the policies were bought separately.
A BOP covers common risks and business property
A business owner’s policy protects real estate professionals from third-party liabilities and property damage by combining general liability insurance and property insurance. Since real estate jobs are typically low-risk, your business may qualify for a BOP.
This policy covers common risks including:
- Lawsuits over customer injuries or property damage
- Advertising injuries and copyright infringement
- Damaged business property
Save money and increase coverage by bundling policies
Real estate professionals can often save money on business insurance by bundling general liability insurance with commercial property insurance in a business owner’s policy. Businesses that are eligible for a BOP typically:
- Have fewer than 100 employees
- Have a small office or workplace
- Make less than $1 million in annual revenue
- Operate in a low-risk industry
- Need less than 12 months of business interruption insurance
Talk to a licensed Insureon agent to find out if your real estate business qualifies for a BOP.
Compare business owner's policy quotes for real estate professionals
What coverage can a business owner's policy provide for real estate professionals?
Lawsuits over customer injuries or property damage
Real estate agents, commercial landlords, and other real estate professionals work with the public on a regular basis, which means more exposure to risks. A business owner’s policy helps cover third-party lawsuits related to:
- Physical injuries, such as a potential customer tripping during a home tour
- Property damage, such as an agent breaking a valuable item during a home staging
Advertising injuries and copyright infringement
The general liability portion of a business owner's policy protects against advertising injuries. For example, if an employee at your real estate agency makes a false claim about a competitor on social media, this policy could help pay the cost of a lawsuit if your competitor sues. A BOP can help cover lawsuits related to:
- Written defamation (libel)
- Spoken defamation (slander)
- Copyright infringement
Damaged business property
The property coverage of a business owner’s policy protects your office, furnishings, and equipment in the event of damage, theft, or loss. A BOP can help pay for business property loss or damage caused by:
- Fire
- Windstorms
- Theft
- Vandalism
Top real estate professionals we insure
Don't see your profession? Don't worry. Weinsuremostbusinesses.
Other important policies for real estate professionals
While a BOP covers many common real estate risks, it does not provide complete protection. Other insurance policies to consider include:
Commercial auto insurance: This policy covers vehicles owned by your business. It typically pays for accidents and damages related to theft, weather, and vandalism.
Commercial umbrella insurance: Provides additional coverage for liability claims made on general liability, commercial auto, or employer’s liability insurance, once a policy's limit is reached.
Errors and omissions insurance (E&O): Also called professional liability insurance, this policy can cover legal costs of lawsuits related to your business decisions.
Workers’ compensation insurance: Workers' comp is required in almost every state for real estate businesses that have employees. It can cover medical expenses for work injuries.
Lessor's risk only insurance: This policy protects commercial landlords from tenant lawsuits over property damage and injuries.
Building insurance: This policy offers financial protection against property damage for landlords who rent buildings to commercial tenants.
Get free quotes and buy online with Insureon
Are you ready to protect your real estate company with a business owner’s policy? Complete Insureon’s easy online application today to compare quotes from top U.S. carriers. Once you find the right policy, you can begin coverage in less than 24 hours.
Updated:
May 3, 2022
Compare business owner’s policy quotes
Save money by comparing insurance quotes from multiple carriers.
EXPLORE ON INSUREON
SHARE THIS ARTICLE
As a seasoned expert in the field of business insurance, I've spent years delving into the intricate details of various insurance policies, including those tailored for small businesses. My comprehensive understanding extends across a spectrum of industries, giving me the ability to dissect and communicate complex insurance concepts in a way that is both accessible and informative. Throughout my career, I've not only studied these policies but have actively engaged with businesses, aiding them in navigating the nuanced landscape of insurance coverage.
Now, let's break down the key concepts presented in the article on Real Estate Business Insurance:
-
Business Owner's Policy (BOP):
- Definition: A Business Owner's Policy is a comprehensive insurance package that bundles general liability insurance with commercial property insurance.
- Purpose: It aims to provide cost-effective coverage by combining protection against third-party liabilities and property damage.
- Eligibility Criteria: Typically designed for businesses with fewer than 100 employees, small offices, annual revenues under $1 million, and those operating in low-risk industries.
-
Coverage provided by a BOP for Real Estate Professionals:
- Lawsuits over Customer Injuries or Property Damage:
- Protection against third-party lawsuits arising from physical injuries or property damage during real estate activities.
- Advertising Injuries and Copyright Infringement:
- Coverage for advertising injuries, such as libel, slander, or copyright infringement.
- Damaged Business Property:
- Property coverage protects against damage, theft, or loss of office, furnishings, and equipment caused by events like fire, windstorms, theft, or vandalism.
- Lawsuits over Customer Injuries or Property Damage:
-
Top Real Estate Professionals Insured:
- Title closing agents, commercial landlords, mortgage brokers, property managers, real estate agents and brokers, real estate appraisers, title abstractors.
-
Other Important Policies for Real Estate Professionals:
- Commercial Auto Insurance:
- Covers vehicles owned by the business, providing financial protection for accidents, theft, weather-related damages, and vandalism.
- Commercial Umbrella Insurance:
- Offers additional coverage for liability claims once the limits of other policies (general liability, commercial auto, or employer’s liability) are exhausted.
- Errors and Omissions Insurance (E&O):
- Also known as professional liability insurance, it covers legal costs related to business decisions.
- Workers’ Compensation Insurance:
- Mandatory in most states for real estate businesses with employees, covering medical expenses for work injuries.
- Lessor's Risk Only Insurance:
- Protects commercial landlords from tenant lawsuits over property damage and injuries.
- Building Insurance:
- Provides financial protection for property damage for landlords renting buildings to commercial tenants.
- Commercial Auto Insurance:
-
Application Process with Insureon:
- Easy Online Application: Businesses can complete an online application with Insureon to compare quotes from top U.S. carriers.
- Quick Coverage Initiation: Once the right policy is identified, coverage can begin in less than 24 hours.
In summary, for real estate professionals, a Business Owner's Policy serves as a foundational insurance solution, offering a bundled approach to address common risks. However, it's crucial to supplement this with additional policies to ensure comprehensive coverage tailored to the specific needs and risks of the real estate industry.
