Workers Compensation
If you have employees or independent contractors (i.e. real estate agents), workers compensation helps cover medical bills and lost wages if a workplace accident occurs.
Real estate professionals are always on the go, whether its meeting clients at the office or touring properties. This means they have increased exposure to possible accidents, which can result in a major financial loss.
Why Real Estate Professionals Need Workers Compensation Insurance
Most Common Claims:
Workplace Accident
Your employee or agent injures themselves at your office while performing their job. This could include a back injury from overexertion, contusion from an accident or a variety of other possibilities.
Injury from a Person or Animal
Real estate professionals have constant exposure with unknown people and animals during the normal course of business. A new prospect could become violent or a dog could turn aggressive against your employee or agent.
Strains, Sprains and Slips
Your employee or agent strains their back helping a client move furniture, sprains their ankle on a property tour, or slips on a wet surface.
How Workers Compensation Insurance Protects You:
Medical Treatment
When a work related injury occurs, your business can be held financially responsibly for covering medical expenses, which can add up quickly. Workers compensation can help cover these costs.
Lost Wages
When someone gets injured and can not perform their job, workers compensation insurance may cover lost wages due to the injury.
Disability Benefits
If your employee or agent becomes disabled, workers compensation can provide them benefits to help cover the expenses related to their permanent injury.
Who Needs Workers Compensation Insurance
Whether your team has employees, independent contractors or temporary staff, workers compensation covers each of these types of staff members. Real estate companies are organizations made of people, who are commonly in the field interacting with properties. Since your team of people have exposure to injury that you can not control, workers compensation coverage is critical to running your real estate business correctly.
Difference Between General Liability and Workers Compensation Insurance
General Liability and Workers Comp both cover physical injuries to people. However, the most important distinction is General Liability only covers people outside of your company, such as clients and other third parties. Workers Compensation covers your people inside your company. Your team of people can not make a general liability claim if they are injured.
Get Workers Compensation Insurance
RealShield Insurance can provide you with workers compensation insurance to protect your real estate business. You can choose to get your policy 100% online through our website or you can call our team of experts for advice.
We insure individual real estate brokers & agents, real estate brokerage firms, and property management firms across Texas. Our workers compensation policies start at $41.67 per month. You can purchase them individually or bundle them right on our easy-to-navigate online system.