Our world can be very unpredictable, and although we may not be able to control it, insurance can offer you peace in mind as a real estate agent knowing that you’re protected. Society is becoming increasingly more litigious and nowadays people might sue you regardless of if their claim has any merit. This means that it’s more important than ever to have the right coverage in place.
Your personal assets are at risk so it is important to have insurance to make sure you are protected, especially considering you could be blamed for a third party’s actions. For example, we had a claim situation where an agent hired a cleaner for one of their listings. The water had been turned off and the cleaner accidentally left one of the faucets on. When the water came back on the sink overflowed and ended up causing extensive water damage. In this situation, the cleaner did not carry any insurance and the real estate agent was found 100% liable and was required to pay for the damages. Our policy was triggered and paid for the damages. The agent only had to pay the $1,000 deductible.
An important element of the Commercial General Liability policy is coverage for Defense Costs in the case a lawsuit is ever brought against you. This policy provides coverage for the necessary costs incurred to investigate and settle a claim regardless of whether or not you are found legally liability for that action. This protects you against frivolous and unmerited lawsuits, which could be a big financial burden and take up a significant amount of your time. During a claim, insurance helps make sure that you can continue to focus on your business and not deal with claims issues.
RealProSure has created a customized product to meet the needs of real estate professionals and we are constantly working to improve the policy and keep with industry changes. This product complements the mandatory Errors & Omissions coverage you carry and is designed to start where it leaves off. We have created and added coverages that are unique to our program. For example, we include Mysterious Disappear coverage which would normally be excluded under a standard policy. This would provide coverage if a homeowner alleges that something went missing during an open house. For example, an expensive watch or diamond ring.
For more information on how to properly protect yourself, contact Adam Thomson at firstname.lastname@example.org or 403-209-5447.