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What Insurance Do Real Estate Agents Need in Texas?

Jun 30, 2021 · 5 minutes to read

A happy real estate agent in Texas

The Texas housing market is booming, creating an opportunity for people looking to make a career change. Becoming a real estate agent can be a wonderful way to create the work-life balance you need while earning a great paycheck. But, it’s not a risk-free career choice.

Luckily, there are many types of insurance available to Texas real estate agents to help them manage these risks. Let’s take a look at a few of the most common, from Professional Liability to a Business Owner’s Policy.

Professional Liability

A big part of a real estate agent’s job is providing advice based on their professional knowledge to clients. While you work hard to always give your clients accurate recommendations and information, mistakes can still happen. If a client later claims that an issue in your work has caused them a financial loss, they could file a lawsuit seeking compensation.

Professional Liability insurance can help shield your business (and personal) finances against claims of this nature.

A Professional Liability insurance policy (also known as Errors and Omissions or E&O insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing.

Real estate agents in Texas are not required to have Professional Liability insurance. However, your clients may expect you to have it, as it can provide them (and you) with greater peace of mind.

General Liability

Spending a lot of time with clients and other members of the public is another big aspect of working as a real estate agent. You may meet with clients or others in your office, in their house, or at open homes managed by yourself or other agents. These places may generally be safe, but accidents do happen. If a client or other third party is injured while meeting with you, you could be liable.

General Liability insurance can help protect your business in these and some other cases.

A General Liability policy can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation.

Texas real estate agents are not required to have General Liability insurance. However, if you lease commercial office space your landlord may require you to have it. Regardless of where you work, a General Liability policy can help protect you if third parties are injured at an open home or other place where you are meeting. It also provides coverage if you damage a client’s property.

Workers’ Compensation

Over time, you may need to hire staff to help you manage your real estate listings and other parts of the business. While you are responsible for paying your employees, you are also responsible for their safety and wellbeing on the job. Preventing workplace injuries and serious illnesses is important, but you may not be able to avoid all accidents.

Workers’ Compensation insurance can provide a safety net for your employees and your business.

Workers’ Compensation insurance protects you against medical expenses and lawsuits that can arise from employee workplace injuries and illnesses. It could also pay lost wages as a result of the work injuries that an employee sustains.

Texas does not legally require small businesses to have Workers’ Compensation insurance. However, you may still want to consider having a policy. You could still be found liable for any workplace injuries or serious illnesses your employees suffer, including covering their medical bills and wages while they recover. Workers’ Compensation insurance provides coverage for these and some other expenses, so you are not left out of pocket.

Business Owner’s Policy

There are many other risks that real estate agents may face depending on how they work. You might use your personal car for work, own large office equipment, or worry about interruptions to your business. A busy real estate agent like yourself probably doesn’t have the time to research and find separate policies for these and other risks that your business may face.

A Business Owner’s Policy can help you easily manage many types of risks with just one policy.

A Business Owner’s Policy (BOP) is a combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service.

Real estate agents in Texas are not required to buy a Business Owner’s Policy. However, you might consider having a BOP as it can be customized to include coverage for business interruptions, damage to your commercial property and other common risks.

Business insurance for Texas Real Estate Agents

If you are a real estate agent in Texas looking for Professional Liability and other types of insurance for your business, look no further than BizInsure.

Our platform makes it simple to find business insurance to meet your needs. 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 start receiving quotes.

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The coverage you need for your business.

Business insurance is divided into different policies. We offer 4 types so it's easy to design the coverage that fits your business.

Professional Liability Insurance

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General Liability Insurance

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Business Owner’s Policy (BOP)

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Workers Compensation Insurance

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The coverage you need for your business

Professional Liability Insurance

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General Liability Insurance

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Business Owner’s Policy (BOP)

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Workers Compensation Insurance

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