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Home with For Sale signIn the last few years, the American real estate market has begun to rebound. Buying and selling property has become profitable for many people.

If you work in real estate, then you know that you carry certain liabilities. When you step onto someone else's property, you risk damaging the property or injuring others. Prospective clients also trust you with a lot of sensitive information.

If you damage property or cause injury, you could face a liability claim. This could damage your reputation if you don't respond appropriately.

Proper business liability insurance can help protect your business and reputation. Here are four types of insurance coverage that a real estate agent should strongly consider.

1. Property Damage Liability Coverage

You will likely have access to another person's property while that person still owns it. You run the risk of causing injury or damage from the moment you step on the property.

You might accidentally back your car into the side of the house, or your inspection may damage walls or flooring. If you do so, the homeowner could sue you for the damages.

If you carry professional property damage liability coverage, your insurance will likely help you. As long as you don't cause damage maliciously, then insurance will likely honor the claim.

2. Advertising Injury Coverage

There is a lot of competition in this industry. You often have to compete with other realtors. But, you should do everything you can not to damage an opponent's business in the process.

Advertising injury coverage can protect you when a rival claims you libeled or infringed on their copyright patents. As long as this was an accidental occurrence, then your coverage should be able to provide protection.

3. Commercial Auto Insurance

Realtors are on the road a lot inspecting their properties and showing homes. Commercial auto insurance comes with higher coverage limits than your traditional auto policy. If you have an accident while working, commercial auto insurance can protect your business assets.

4. E & O Coverage

Realtors are often trusted with a client's private information. They may have access to credit and bank information, property titles and other data. A realtor is also responsible for preparing the correct documentation for real estate transfers. There is always a chance that a realtor could accidentally mishandle this information.

If you make a mistake, it could harm your client. That's why errors and omissions coverage exists. E & O coverage can protect you in the event certain business advice or practices harm a client.

As a realtor, you need the right insurance coverage. These four options are only a starting point. Raymond, Preston and Reed, LLC is here to help you. Give us a call today at (615) 866-2728 or contact us online to learn more.
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Brentwood, TN 37027
Phone: 615.866.2728
Email: info@rprinsurance.com
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