Insurance for Real Estate Activities
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What Insurance Do Real Estate Activities Need?
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defence fees & settlement costs.
Frequently Asked Questions
Why do Real Estate Activities need insurance?
In this industry, the establishments are involved in offering real estate services including escrow agencies, listing services, and fiduciary offices.
When faced with a lawsuit, the most common thing businesses do is spend all their money on the defense attorney. If that's not enough, they borrow from friends, family members. This puts you and your business in a lot of debt. When you have insurance, the insurance pays for all the covered expenses. You won't have any debt, you won't lose your assets, and all it requires is a small monthly payment.
What risks do Real Estate Activities face?
Real estate activities face a lot of unique risks. Below are some examples:
- One of your employees has committed a mistake in the calculation of the total cost of the real estate. Your client suffers a huge financial damage due to that, and your client sues your business for that mistake.
- Your employee gets sick while doing real estate activities. As their employer, you are responsible for the medical expenses of your employee.
- The mobile phone that you use for communicating with clients gets stolen. Later you find out that the information stored in the phone got leaked.
How much does insurance for Real Estate Activities cost?
The price of insurance for real estate activities varies because there are several factors that are taken into account. If you want to find out the cost of insurance fast, simply apply for a free quote or talk directly to our insurance experts.