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What insurance do real estate agents need in Florida?

Jun 29, 2021 · 5 minutes to read

According to recent data, Florida is the number one destination for Americans looking to move to a new state. With so many people relocating to the Sunshine State, becoming a real estate agent may be a smart career choice. However, there are risks that you’ll need to manage, many of which can be covered by business insurance.

A happy real estate agents in Florida office
Let’s discuss some of the most common types of business insurance that real estate agents often consider, from Professional Liability to a Business Owner’s Policy.

Professional Liability

Real estate agents rely on their professional knowledge and expertise to provide advice and represent their clients’ interests on their behalf. But however careful you are, there’s always a chance that you could make a mistake. Unfortunately, even a small error could cause a big financial loss for a client, and they could seek compensation from you if that happens.

Professional Liability insurance can help protect you and your business against certain kinds of liability claims.

Professional Liability insurance can protect professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of your services.

Florida does not require real estate agents to have Professional Liability insurance. Despite this, your clients may expect you to have a policy. This can give them greater peace of mind, knowing that if something goes wrong, you’ll be able to provide appropriate compensation.

General Liability

Real estate agents spend a lot of face-to-face time with their clients and other members of the general public. You might meet clients and others in your personal office, at their house, or during open homes. Though these situations are typically low risk, accidents happen and there’s always a chance that a client could be injured. Depending on the circumstances, you could be liable for their medical costs.

General Liability insurance could help shield you against certain third-party claims.

General Liability insurance protects businesses against the risk of customer injury and property damage.

Real estate agents in Florida are not required to buy a General Liability insurance policy. Still, a commercial landlord can require it as a condition to lease their property. It can also help protect you in many other spaces where you may work, such as a home office or during open homes you are managing. General Liability policies also protect you if you damage a client’s property.

Workers’ Compensation

Many real estate agents work alone, but you may need to hire employees to help you manage your business. As their boss, you are responsible for much more than just their paycheck. You are also responsible for workplace safety. If an employee is injured on the job or suffers a serious illness due to their work, you could be liable for their medical costs and certain other expenses.

Workers’ Compensation insurance is designed to help your employees and protect your business.

Workers’ Compensation insurance provides benefits to your employees when they make a claim against your workplace for injury or illness.

In Florida, all small businesses outside of the construction industry must have Workers’ Compensation insurance if they employ four or more people. Even if your business has a staff less than four people or you’re a sole proprietor, you might still consider having a policy. Workers’ Compensation insurance coverage can save your business out-of-pocket expenses for medical bills, replacement wages, and more if an employee is seriously injured or becomes ill at work.

Business Owner’s Policy

Depending on how you work, you may face a variety of other risks as a real estate agent. This might include car accidents, damage to office equipment, or a business interruption. It may be wise to find a single policy that includes coverage for these and other common risks that real estate agents may face on the job.

A Business Owner’s Policy can provide you with multiple types of coverage in a single policy.

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.

Florida real estate agents are not required to have a Business Owner’s Policy. Though, a BOP might be worth considering as it can be customized to include protections that you may want as a real estate agent. These might include coverage for business interruptions, damage to your commercial property and other common events.

Business insurance for Real Estate Agents in Florida

Florida real estate agents looking for Professional Liability and other types of small business insurance can get covered in minutes with BizInsure.

Our platform is designed for small business owners, making it simple, quick and affordable to get the coverage you need. With a single data entry, you can receive multiple quotes for multiple types of insurance from top-rated insurers in minutes.

Learn more and find the small business insurance you’re looking for.

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