A real estate firm is more at risk than many other businesses when it comes to liability issues. These firms often deal in expensive deals and potentially emotional and under-prepared clients. For these reasons, it is critical to be informed when seeking out liability insurance programs for real estate firms.
There are a lot of insurance options available to you and your firm. That’s why it is important to keep in mind these best practices when shopping for liability insurance programs:
- Look for state-endorsed coverage. This will give you and your firm peace of mind as you know that you have the right coverage for your area.
- Make sure you’re getting enough coverage. You will likely want to have at least $250,000 in coverage. A good practice is to have at least as much coverage as the most expensive sale you’re likely to do that year.
- Understand the policy you’re getting. Knowing your coverage limits, time frames for filing claims and even simply making sure that all of your staff know who is providing your coverage can help to make sure you’re prepared for any situation
- Appreciate how important your coverage is. There are all kinds of customers out there and this can be an emotional business. Don’t leave your firms future up to chance.
Whether you’re looking for your first program, or you’re looking to upgrade, it is important to take into consideration these rules when shopping for liability insurance programs for real estate firms.