Real Estate and Title Businesses: Key Details about Your Business Owner's Policy
As the owner of a real estate or title agency, you work hard to grow your business. So why not invest in protecting what you've built? With a Business Owner's Policy, your business has the security it needs to keep growing. Here are the coverage areas you can rely on when you purchase this business protection plan.
Property Claims: Real Estate and Title Agents
Owning a business in the digital age means you probably carry out a large percentage of your work online. From keeping in touch with clients via email to listing new properties on the web, chances are your computer is the portal to your day. So when a fire sets your office ablaze or a thief takes off with your laptops, there's no time to waste in finding new equipment and making repairs.
When you have a BOP, though, you can receive quick compensation for the property damage a covered event caused. Typically, covered claims include damage or loss due to fires, tornadoes, or burglaries. Most policies today offer coverage at the replacement value of your essentials, so that when your business suffers a loss, you can replace laptops, computers, furniture, tablets, smartphones, and office equipment with new items. You can even make requisite repairs to your damaged office building.
If your real estate or title business rents its building or office space, your BOP's Property Insurance can fulfill coverage stipulations in your lease.
Third Party Liability Claims in Your Real Estate Business's BOP
As a business that serves clients on a daily basis and welcomes visitors into its office, your real estate or title company experiences additional exposures to risk. Fortunately, your BOP's General Liability Insurance can help account for accidents third parties might experience on your premises. Say, for example, your receptionist offers a visitor a piping hot cup of coffee, and accidentally spills it on their hand as they reach for it. You could potentially have a lawsuit on your hands if the visitor sues for physical damages. When they do, your General Liability will kick in to fund your legal defense, settlements or judgments, medical expenses, and more.
Advertising your services can also lead to lawsuits, but this portion of your BOP will account for non-physical injury claims, too. So if someone sues your business for copyright or brand infringement, libel, or slander, your policy will cover the court costs up to the limits of your policy.
Business Interruption Insurance for Real Estate and Title Professionals
If a disaster or drawn-out lawsuit keeps your business out of operations, you may be able to receive compensation for the losses you suffer through Business Interruption coverage. This policy is added on to your Property Insurance and can reimburse your business for up to 12 months of income while your operations are halted. That means you'll have the funds to make payroll, pay the utilities, and cover rent while your business gets back on its feet. If you're interested in this coverage, contact an insureon agent to learn more.