As an insurance agent, you may work with real estate firms who need someone on their side who understands the ways they can be vulnerable to liability issues. Likewise, you need a wholesaler who is knowledgeable about the real estate industry and can find insurers to make sure your clients’ real estate professional liability insurance needs are covered. Here are some examples of coverages to talk over with your wholesaler.
Whether real estate agents represent the buyer or the seller, they can run into many problems that can leave them open to legal action. Issues such as damages to the property that were not disclosed prior to the sale or inaccurate records of those damages require professional liability insurance to cover the cost of legal action taken against the agent or his or her firm. Any facet of the sales process with which the agent is involved, from working with construction to negotiating with leasing professionals, can result in legal costs that can quickly get expensive if the firm does not have the proper policy to cover it.
Real estate professional liability insurance provides protection whenever agents, brokers or firms get sued. An experienced wholesaler can work with insurers to get your clients the coverage they need at a price that fits their budget.