As licensed professionals, Real Estate Agents are responsible for arranging the buying and selling of real estate. Most often, Real Estate Agents’ income is solely commission-based, so their level of income is dependent on their ability to assist their clients and close transactions.
Having both Professional and General Liability insurance as a professional in the real estate field is essential for your business to stay open and active.
Consider these real-world scenarios:
1. After the close of a sale, the new homeowner says that you never disclosed the cost of the Homeowner’s Association dues and, as a result, claim that you misrepresented the cost of the home.
2. A client could accuse you of not showing them options in a particular neighborhood due to their race, religion, or gender, even if this is not true.
3. While visiting your office, a potential client could trip on a rug on the floor resulting in an injury. With the injury occurring in your office, you may be held liable for the cost of treatment.
4. During a showing of a home, your client could accidently bump into a vase and break it. A general liability policy may cover the cost of replacement.
Claims, whether baseless or not, as well as accidents are common risks that Real Estate Agents face. Protect yourself and your business in advance.