Most Common Claims for Real Estate General Liability

Whether you are a top producing real estate agent in your market or you just do a few transactions per year, properly protecting your business with the right insurance is a MUST! While E&O (Errors & Omissions) Insurance protects you if you’re sued for professional negligence (even if it was accidental), you’ll want to add a General Liability Insurance policy as well. This way, your business will also be protected from those unfortunate incidents such as bodily injury, property damage and advertising injury. Without this extra policy, you run the risk of paying thousands of dollars out of your own pocket if something happens. 

Most Common General Liability Insurance Claims for Agents: 

Slip & Fall 

There’s always the risk of someone falling and getting hurt while you’re hosting an open house or doing a private showing. Check carefully for holes, debris, wet floors, loose carpet or anything that could cause someone to trip and fall. Getting sued for medical expenses is costly and no fun!

Property Damage

Anything can happen while you’re showing a home. The risk of property damage can be great or small. Whether something inside the home, such as an antique mirror, is accidentally broken or someone crashes their car through the garage door, the seller will likely hold you responsible for all damages. 

Advertising Harm, Libel or Slander

In today’s world of social media, this is more common than you might think. If someone in your firm were to bad mouth your client online, you could potentially be sued for slander even if you had nothing to do with it. Accidentally using a trademarked logo or slogan in your advertising could also get you into hot water.

How General Liability Insurance Protects You:

Provide An Expert Attorney

As a policy holder, you’ll have some relief knowing that if you are sued, your General Liability Insurance has access to some of the best legal counsel in the field. Your agent can connect you up with a top notch attorney to defend you and your real estate business under even the worst circumstances.     

Pay Legal Fees & Defense Costs

It’s not unusual for a property damage claim or an accident claim against a small business to exceed $30,000. Not every agent has that much cash laying around if someone were to slip and crack their tailbone at an open house. Having good General Liability Insurance can protect you when such mishaps happen.

Pay Court Judgement or Settlement

If getting sued isn’t enough, the thought of actually losing that lawsuit, is enough to keep anyone awake at night. When it’s all said and done, whether you actually lose or settle prior to a trial, General Liability Insurance can provide funds for medical costs, court judgments and plaintiff settlements. 

RealShield Insurance can provide you with E&O and General Liability Insurance to protect your real estate business. Go to RealShield Insurance’s website.