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What insurance do real estate agents need in California?

Jun 28, 2021 · 5 minutes to read

real estate agents in California

California is home to nearly 40 million people, many of them families and individuals looking to purchase or rent a new home. Real estate can be a profitable and rewarding career if you have the passion and drive to succeed. However, it’s a job not without risk. Thankfully, there are many types of insurance that real estate agents in California can buy to help manage these risks.

From Professional Liability to Business Owner’s Policies, let’s take a close look at some of the common types of insurance that real estate agents in California may need.

Professional Liability

Real estate agents spend a lot of time giving their clients advice based on their professional expertise. While you strive to always provide accurate information and recommendations, mistakes do happen. If an error or oversight in your work were to result in a financial loss for your client, they could seek compensation or file a lawsuit against you.

Professional Liability insurance can help protect you against these types of claims.

Also known as Errors and Omissions (E&O) insurance, this type of policy protects your business against claims of negligence, misrepresentations, or mistakes. Professional Liability claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

California does not require real estate agents to have Professional Liability insurance. However, your clients may expect you to have it, and they may ask that it be included in their contract. This can give them and you more peace of mind as you work together.

General Liability

Real estate agents spend a lot of time with their clients. You probably meet with clients in many different locations, including your office, their house, and at open homes. No matter how safe these places may be, there’s always a chance that a client could be injured while meeting with you. If this were to happen, you may be liable.

General Liability insurance can help protect you if the unexpected happens.

Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, this insurance can protect your business against bodily injury or property damage lawsuits from outside parties.

Real estate agents in California are not required to have General Liability insurance. However, your commercial landlord may require it to lease their property. It may make sense to have a policy even if you don’t lease a workspace. It can help protect you if clients visit your home office or if a third-party is injured during an open home. It also provides compensation if you damage a client’s property in the course of your work.

Workers’ Compensation

Real estate agents often start out as sole proprietors or working for a larger agency. As your career progresses, you may decide to start your own agency to have more control over your work-life balance. If you hire employees, you are not just responsible for their paycheck. You’re also responsible for workplace safety and wellbeing.

Workers’ Compensation insurance can help protect your employees.

Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.

California legally requires small businesses with employees to have Workers’ Compensation insurance. However, sole proprietors can also decide to get a policy to cover themselves.

Business Owner’s Policy

Real estate agents may face many other risks other than those mentioned above, depending on their circumstances. You may use a personal vehicle for work, rent or own expensive office equipment, or worry about what may happen if you had to temporarily stop doing business. Finding individual policies to cover every potential risk is too time consuming for a busy real estate agent like you!

A Business Owner’s Policy can provide quick and easy coverage for a variety of risks.

A Business Owner’s Policy (BOP) is a convenient and affordable way for small business owners to protect against several of their most common exposures. These policies combine General Liability insurance with other types of coverage, such as business interruption and business property damage.

California real estate agents are not required to have a Business Owner’s Policy. However, it can be customized to include some types of coverage that may helpful. For example, a BOP can include coverage for business interruptions that may cause you to temporarily suspend your operations.

Find business insurance for Real Estate Agents

If you’re a California real estate agent looking for Professional Liability and other forms of business insurance, BizInsure can help.

Our easy-to-use platform simplifies the process of looking for business insurance. With a single data entry, you can quickly receive multiple quotes for multiple types of insurance from top-rated insurers.

Visit our website today to get started.

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Business Owner’s Policy (BOP)

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Workers Compensation Insurance

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