Working as a real estate agent provides a lot of flexibility, especially when you can be self-employed. However, there are certain risks that realtors face that could end up leaving them in financial ruin if they do not have the proper protection. Insurance for real estate agents is important, and there are several different types that should be considered. General liability insurance is the best way for real estate agents to protect themselves against third-party claims. A general liability claim could result in huge expenses, such as legal fees, settlements and even court-appointed judgments. If you rent or own an office, property insurance could protect you from having to pay for repairs due to natural disasters, theft or fire. Even if you run your business out of your home, property insurance policies can help you if you need to replace something quickly.
Working with clients can be exhilarating for many agents, but there are times when claims could be filed against you. When it comes to insurance for real estate agents, errors and omissions insurance may be the most important. A dissatisfied client could file a claim and leave you with nothing left to run your business if you aren’t properly protected. With the right types of insurance protecting your small business, you are better able to serve your clients and produce a healthy income.