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Business Insurance Needs for Real Estate Professionals

Published: September 2014

As a real estate professional, you're responsible for so much - from the security of clients' homes while they're on the market (if you're a broker), to the safety of renters' personal data stored on your computer (if you're a property manager).

Small business owners like you can't afford heavy financial losses caused by lawsuits, injuries, or property damage. Fortunately, however, the right combination of business insurance coverages can help protect you from these risks. You can then focus on getting your clients into their ideal homes, condos, and apartments.

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An experienced business insurance agent can help you put together a solid policy that will help protect your particular business. However, the following are some key coverages for real estate professionals to consider:

Business property coverage:
If you have a real estate office or building, this coverage can help protect your company's physical structure if your business experiences a covered loss. Those losses, or "perils" can vary according to your policy, but generally include things like vandalism, fire or wind storms, up to your policy's specific limits. According to the Small Business Administration (SBA), property insurance also covers what's inside your office. For you, that might include computers, furniture, brochures, lawn signs, and much more.

General liability coverage:
This coverage could help cover you in case of mishaps at your place of business that result in medical costs or damage claims, up to your policy's limits. For example, if a potential buyer slips and breaks her arm while visiting your office, this coverage could help protect you. This insurance could also pay for damages (and legal fees if applicable) if your real estate office is found liable for a loss at a potential seller's property.

Business auto coverage:
If you use a vehicle registered to your business - such as a truck for carrying repair equipment to rental properties, or a dedicated car for driving to properties with clients - you may need a business auto policy. Depending on what coverages you select, this insurance can help protect you against a range of losses, from an accident to auto theft.

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You may also want to research these additional types of coverage for your real estate business:

  • Data compromise coverage:
    If customer, renter, or vendor personal/financial information is lost or stolen, this coverage can help pay for data recovery, credit monitoring, and related services.
  • Valuable paper and records coverage:
    Although much of your data is likely electronic, you may still store certain important contracts and files on paper. If these paper files are damaged or destroyed, this coverage can reimburse you for recreating them.
  • Employment practices liability coverage:
    If you have employees, this coverage can help protect you against legal action by current or former workers.
  • Business interruption coverage:
    A covered event like fire that destroys your office, computer, and records could force you to temporarily shut down your real estate business. If so, this insurance could help provide a replacement income stream for your business (based on past profit records), up to your policy limits.

For more information, talk to a business insurance agent about the coverage options available for your real estate business.

Related Resources:

This content is for informational purposes only and may not be applicable to all situations.

Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications. Allstate Insurance Company, Allstate Indemnity Company, Allstate Fire and Casualty Insurance Company, Allstate Property and Casualty Insurance Company, Northbrook, IL. © 2018 Allstate Insurance Company, Northbrook, IL.
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