Most Important Business Insurance for Realtors

As you probably already know, there are many types of insurance. There is car insurance, home insurance and of course, business insurance. What you may not know is the following. There are several types of business insurance and packages that can be tailored to your specific needs. For example, a hot silicon valley start up will probably be looking for internet business insurance instead of realtors protection. However, this post specifically focuses on realtors because there are so many of them out there! Even if you are not in the real estate investing game of buying and selling homes, you can still learn about a couple things that you may want to be covered for even as a professional working with a license.

If you are serious about any company, that means you probably do a lot of meetings (online or in person), events and marketing in general. It is likely that you rent or own commercial space as well as conduct a fair amount of business travel. If this picture sounds familiar, keep it up. You are on your way to great success. However, you may just want to make sure your success is protected by exploring some of the following insurances for realtors.

General Liability. This insurance helps protect against third-party claims which could include property damage, physical harm, personal injury law, etc.

Property Insurance. This will help you be covered for unforeseeable situations like storms, theft or fire at your office building.

Commercial Auto. Many realtors are on the road, showing homes and scouting out new ones. If that sounds like you, then you may want to think about some road coverage for your vehicle.

These are the main types of insurances that realtors would have, but it is not an exhaustive list by any means. It just answers the question: do realtors really need insurance? Yes, of course, it is better to have insurance and protect yourself whenever possible.

There are some required policies like Errors and Omissions, Workers Compensation (if you have employees as many business owners do) and others. To be extra safe, you may want to check out umbrella policies for realtors that can help you save some money. These options are quite similar to that of almost all entrepreneurs or sole proprietors. As you grow, you want to make sure you are protecting the assess of the company. If you are afraid of the additional upfront costs, think of the fact that they can be written off in your company taxes. In the end your business accounting and corporate taxes could become just a little bit cheaper than before.