The real estate business poses unique challenges that other types of businesses do not. Your clients are buying or selling property and may meet with you in a variety of locations. It is possible that you may be held accountable for anything that happens while you are conducting business. A solid insurance package that includes different types of real estate broker liability coverage is necessary regardless of whether you are working with buyers or sellers.
If you are assisting clients with the sale of their property, you need a policy that protects them from any damage that occurs as the result of that process. If, for example, the flooring is damaged during inspection, your property damage liability should pay for the repairs. If you mishandle the sensitive information included in a buyer’s paperwork, your real estate broker liability coverage can pay for the damages they are awarded. Many situations could arise that put your clients at substantial financial risk, and your choice of liability coverage may be the determining factor in just how risky those situations turn out to be.
Every commercial insurance package should be tailored to the industry it serves. In addition to protecting you as the policy holder, your liability coverage needs to protect your clients as well.