Real Estate Business Insurance

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Why Realtors Need Business Insurance

Selling real estate and appraising property can be complex and fraught with very specific risks to your small business. Plus, as a real estate agent or appraiser, you must also manage the risks common to most small businesses like accidents, employee error, data loss, and property damage. Learn about coverages real estate agents, brokers, appraisers, and managers like you typically need, and most often purchase, from The Hartford.

Business Owner’s Policy

Most businesses in the real estate industry should have a Business Owner’s Policy (BOP). Why? Because it helps protect your real estate business in much the same way a homeowner’s insurance policy helps protect your home and personal possessions. 
By combining three fundamental insurance coverages that are essential to most small businesses, a Business Owner’s Policy can help save you money on insurance rates while safeguarding the real estate business you’ve worked so hard to build.
  1. General Liability – helps protect your real estate business from certain lawsuits alleging injuries or property damage that occurred as the result of your business operations such as a client tripping in your office and being injured or if you accidentally damage a client’s property during a showing or appraisal. It even helps cover certain claims of slander and libel. Business Liability insurance does not cover liabilities directly arising out of the professional services your real estate business may provide.
  2. Commercial Property – helps protect the location of your real estate business and the tools and equipment you use, such as computers, signage, tape measures, and office furniture – whether you own or lease them.
  3. Business Income – helps cover the loss of income when you can’t run your real estate business because of covered property damage.
Learn more about our Business Owner’s Policy for your real estate business.
Easily Add Optional Insurance Coverages to a Business Owner’s Policy
In the event that a vehicle owned by you or an employee of your Real Estate business is involved in an accident while working, Hired/Non-Owned Auto Liability insurance may help cover the costs your business incurs related claims of bodily injury or property damage. For example, if your employee is involved in an auto accident while driving to pick up offices supplies for work, this coverage may help cover the associated medical and property damage costs to your real estate business.
Real estate businesses often store sensitive employee and client information that may include credit/debit card numbers and Social Security numbers.
Data Breach Coverage can help your real estate business pay the costs of notifying impacted individuals, managing public relations, good faith advertising, and legal liability expenses if personal information is lost or stolen from your real estate or appraisal business.
Real estate agencies are vulnerable to claims of discrimination, harassment and wrongful termination made by current or former employees. For example, if a former employee of your real estate agency claimed he left his job due to harassment, you may incur substantial legal defense fees. EPL may help cover the legal costs to your business related to such claims.
Employee Benefits Liability insurance may help cover costs to your real estate business that arise from claims that errors or omissions were committed in the administration of your company’s employee benefits plan. For example, if an employee of your real estate agency claims her coverage was denied because your company didn’t enroll her properly in the company vision plan, Employee Benefits Liability Insurance may help cover the costs your company incurs related to her claim.
While conducting business off premises, Limited Care, Custody or Control Property coverage may help cover the costs to your Real Estate Agency business in the event that a customer’s property is damaged by you while in your care. For example, if your real estate agency business performs an off premises showing of a property and accidentally damages a customer’s property during the time the property it is in their care, Limited Care, Custody or Control Property Damage coverage may help cover the costs incurred by your business related to the damage claim.
Bundle Insurance Coverage for Real Estate Businesses
It’s easy to increase your Business Owner’s Policy protection at an affordable price with The Hartford’s Stretch® endorsements that bundle valuable key coverages. For real estate professionals like you we offer:
  • Basic Stretch
  • Building Stretch
  • Super Stretch for Business Services
Contact an agent or a representative from The Hartford about these cost-effective insurance solutions that help take the guesswork out of selecting the right coverage for businesses in the real estate industry.

Additional Solutions

If you have employees, use a car for work, or do work for your real estate business at home, you may also benefit from:
Other Important Insurance Options for Real Estate Businesses
Required by most states, workers’ compensation insurance provides benefits to employees, including employees of real estate businesses, for work-related injuries or illnesses by providing benefits such as medical care, wages from lost work time, and more. And if the real estate employee’s family decides to sue you, this coverage can help you with related legal fees. Real estate and appraisal companies are among the many businesses that have been turning to The Hartford for workers’ compensation insurance for more than a century. 
Do you use your own car to visit and show properties, pick up office supplies, run errands for your real estate business, or more? 
A Business Auto Policy provides coverage generally not included in a personal auto insurance policy. It can cover you or an employee of your real estate or appraisal business when an owned vehicle, used for business purposes, is involved in an accident. 
If you run your real estate business out of your home, you probably want a Business Owner’s Policy (BOP). A Business Owner’s Policy provides coverage not typically available with a homeowner’s insurance policy.
Ask yourself, “Do I have clients come to my home, receive packages for my real estate business at my house, or have employees or agents occasionally working there?” If so, your insurance agent or a representative from The Hartford can help you select the right coverage to protect your real estate business.
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In CA by Sentinel Insurance Company, Ltd. (CA license # 8701) and its property and casualty insurance company affiliates, One Hartford Plaza, Hartford, CT 06155.
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including issuing company, Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.