Real estate agents spend their time and energy helping people rent, buy, and sell properties. They face several unique situations on a regular basis. From showing clients a home that is fresh in the market to arranging the paperwork for a closing at the office, this is detail-oriented work and this is why it is not always possible to control every kind of outcome.
So how can real estate agents protect themselves from an uncomfortable situation that could threaten their professional and personal assets? Real estate business insurance can help them. This blog will walk you through the top three reasons why real estate agents should rely on Santa Fe Insurance Broker for business insurance.
To protect in case of injury
You can expect the unexpected in the real estate industry. What if one of your potential clients slips on the floor or the entryway and gets injured? What if an employee at your office faces huge medical bills due to a malfunction of equipment? Accidents can happen during the operation of a business due to several reasons. And for real estate companies, the threat of personal injury claim is very high. Without a liability policy that is meant to fit your needs, you have to pay for the resulting damages including compensation, legal fees, medical expenses, and loss of earnings. Such an amount can add up and knock your business out of the real estate industry.
To protect in case of property damage
If you don’t have the right protection in place, property damage can seriously hamper your business. Consider general liability insurance as a homeowner’s insurance policy for business. The real estate offices are full of valuable equipment that is vital to keep the business on track. The right business insurance policy goes along a long way to protect the property as well as the equipment inside.
Experienced Santa Fe Insurance Brokers recommend that real estate agents should consider general liability insurance. It includes but is not limited to coverage for property damage to others, injuries, business interruption, personal property damage(computers, buildings, client records), and employee dishonesty.
To protect in case of litigation
Real estate agents work hard to keep their clients informed throughout the process of buying, selling, and renting. But mistakes while providing the information can lead to costly as well as time-consuming lawsuits against you. Just consider the example of two real estate agents who have faced a seven-year-long legal battle as they failed to disclose to the buyer that the home she bought had been the site of a murder-suicide. They won the case and their professional liability coverage paid for their hefty legal bills.
On this note, we are ending this post here. We hope that you find this blog about why real estate business owners should have business insurance helpful. If you have further doubts or concerns, don’t hesitate to get in touch with the experts right away.