General Liability Insurance
for Real Estate Professionals
Real estate professionals work with clients throughout the single biggest investment most will ever make: buying property. You and your staff work tirelessly to account for your clients' concerns and try to make the process as smooth for them as possible. From showing the property to conducting title research and securing the ownership rights, real estate agents are no strangers to managing details. But do you extend the same courtesies to your own business?
For example, if a client is injured on your business premises, could you handle the costs of a potential lawsuit? With your profession based on the health of the market, chances are you couldn't and wouldn't want to bear such a financial burden on your own. Yet accidents can happen to even low-risk and cautious businesses.
For these reasons, real estate and title professionals turn to their General Liability Insurance (GLI) to transfer the financial responsibility to their insurance provider in the event of a covered claim. Your GLI policy offers a financial safeguard against the most common claims flooding courts today, including property loss or bodily injuries. Should an injured or disgruntled third person (i.e. not one of your employees) sue your business for property damage or bodily injuries caused by your business, your policy has you covered.
For more details about General Liability Insurance and its coverages, keep reading.
General Liability Insurance Protects
General Liability Insurance: Protection for Real Estate and Title Businesses
Real estate and title companies work with clients daily, which means even in an insulated office setting, you are exposed to third-party liability risks. If a visitor walks through your office doors, trips over your building's slight step, and breaks a bone, that is all the fodder they need to file a liability suit against your business. Even if your business is ultimately not at fault, you would still have to hire an attorney and account for related court costs just to defend your business. But when you have a General Liability policy in place, you don't have to worry about draining your company's account to pay for court fees.
General Liability Insurance for real estate and title professionals kicks in when a third party sustains bodily injuries or experiences property loss or damage on your business premises. Your GLI policy also accounts for your staff's culpability in these claims as well, which is handy if they ever handle your client's property on behalf of the business.
With this foundational coverage, you have the peace of mind that no matter what unexpected accidents happen on your premises, your business will have the finances to weather an otherwise costly claim. Depending on your policy limits, your GLI can take care of the costs of immediate medical attention, defense expenses, settlements or judgment fees, court expenses, and more.
General Liability: Key Details
General Liability Policies for Real Estate and Title Businesses: Key Details
For real estate agents, property managers, title abstractors, and closing agents just starting to build their business protection plans, a General Liability policy is a solid foundation. It protects your business from the most common third-party claims you may face when working with the public. Keep reading to learn more about the three types of claims General Liability policies cover.
Bodily Injury Claims for Real Estate & Title Businesses
Though most real estate and title businesses are considered low-risk industries, you still benefit from the bodily injury protection your GLI policy offers. After all, you never know when a seemingly innocuous injury will escalate into a lawsuit over medical expenses and other damages. So when a slip or spill happens in your office, you can rely on your General Liability policy to kick in to cover the costs of the injured person's immediate medical attention.
If the injured person decides to pursue your business in court, your policy ensures you don't have to bear the expensive costs of defending your business. GLI can cover attorney's fees, settlements (also called "damages"), bond premiums, medical expenses, and more, up to the limits of your policy. Even if your business is not ultimately liable, your policy will still cover any costs related to the initial charges.
For extreme and rare cases where a third party dies due to their injuries, your General Liability policy can also account for medical costs, funeral expenses, and court-awarded compensation.
Real estate and title professionals will want to note that this policy will not extend to cover employees who have been injured conducting their work. For that coverage, you will need a Workers' Compensation Insurance policy in force.
Property Loss or Damage Claims for Real Estate Agents & Title Professionals
In the event that you handle your clients' property and are responsible for losing or damaging it, your General Liability Insurance can protect you if the client decides to sue for their loss. Your policy will pay for the cost of defending your business and any settlements awarded that fall within the limits of your coverage.
Title & Real Estate Businesses: Personal and Advertising Injury Claims
If your real estate or title business advertises to attract clients and grow your company, you could be exposed to risk of personal injury claims. Say, for example, a competitor alleges your business is harming their entity. Your GLI will provide funds to defend your business in court for copyright and brand infringement, libel, or slander.
Manage Your Risks
Manage Your Real Estate Business Risks
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