As you probably already know, there are many types of insurance. There is car insurance, real estate 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, insurance companies offer business insurance for realtors. And, this post specifically focuses insurance for realtors because there are so many of them out there! Even if you are not a real estate agent or part of the investing game of flipping properties, you can still learn about a couple things. Hopefully, these tips will help you get the required business insurance for realtors or any similar agent profession.
Explore Your Options
If you are serious about any real estate business, 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 business success. However, you may just want to make sure your success is protected by exploring the following business insurance options for realtors.
General Liability. This realtors 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. For realtors with property, this business insurance could be very important.
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.
Business Owners Insurance. If you are looking for comprehensive real estate insurance for your business, you will want to find an all inclusive plan. Business owners’ insurance for real estate is the best way to go. These plans will typically offer you liability, property and income insurance all in one plan. The best part? Because you are bundling your services, you can expect to pay lower rates than if you had bought several different plans. With real estate business owners insurance, you can protect yourself from lawsuits, damaged property and rough patches when business is not going as expected. For those who need comprehensive real estate insurance, a business owners plan may be the best solution.
Do You Really Need Insurance?
Business insurance for realtors should cover all of your business activities. These are the main types of insurance for realtors available, 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 for realtors and protect yourself whenever possible.
Better Safe Than Sorry
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 business insurance for realtors which offer policies that can help you save some money. These options for realtors are quite similar to that of almost all entrepreneurs or sole proprietors. As you grow, you want to make sure you have insurance for assets of the company. If you are afraid of the additional upfront costs, think of the fact that they can be written off when reporting company taxes. In the end, your business insurance for realtors could make personal accounting and corporate taxes could just a little bit cheaper than before.
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