for Real Estate Professionals
Real estate professionals understand that in their industry, nothing is written in stone. The health of your business often relies on things outside your realm of control — namely the housing and property market.
But there are other situations and events that can impact your real estate agency. If a client is injured on your business premises or even while you show them your property, they could sue your business. And because lawsuits can be unpredictably expensive — even if your business is ultimately not liable — you may need a plan of action if an accident becomes a legal issue.
Though business insurance isn't a means of prevention, it does empower your real estate or title company with a means of handling unexpected financial obligations. And when your policies need higher limits to ensure your business can survive a hefty legal bill and compensate for third-party medical expenses, an Umbrella Liability Insurance or Excess Liability Insurance policy may be the solution. Umbrella Liability can extend the limits of your General Liability and Employer's Practices Liability policies by increments of $1 million. A single Umbrella policy can extend the limits of multiple policies, all for one affordable premium.
If you want to strengthen your business protection plan with an Excess Liability policy, your insureon agent will be happy to discuss your options. In the meantime, read on to discover what Umbrella Liability can do for your real estate or title business.
Umbrella Liability: Higher Limits
Umbrella Liability: Higher Limits for Real Estate and Title Businesses
Umbrella or Excess Liability is unlike most insurance policies in that its function is to amplify the limits of your existing policies. If you were to individually raise your General Liability Insurance and Employer's Practices Liability Insurance (EPLI) limits, each of your premiums would also increase. But Umbrella Liability offers an alternative to this route so that you can attain more coverage for each of your policies, but only pay one extra (and much smaller) premium. Plus, Umbrella Liability gives you more coverage for less money, especially since this coverage allows you to increase your underlying policies by millions of dollars. And since your Umbrella premium is usually only a couple hundred dollars a year, it's also an incredibly affordable option for most small-business owners.
Because your real estate or title agency is founded on working with clients, the extra security your Umbrella Liability policy offers can protect you if something goes awry. If a client trips and breaks a bone in your office or at one of your properties, they could pursue your business in court for medical expenses. In the event that your General Liability limit is exceeded, your Excess Liability coverage can step in to account for the difference. For example, say your injured client wins a settlement of $1.5 million, and your General Liability Insurance maxes out at $1 million. Your Excess Liability policy kicks in the additional half-million dollars you need to pay the settlement.
Though your Excess Liability policy can strengthen your General Liability and Employer's Practices Liability policies, it cannot increase your Professional Liability Insurance (Errors & Omissions) limits. To raise the limits on your Professional Liability policy, talk to your insureon agent, and we'll walk you through your options.
Umbrella Insurance: Key Details
Excess Liability Insurance for Real Estate Businesses: Key Details
As you create your risk management plan, you may find you want to increase the limits of your liability polices — just in case. As you shop for an Excess Liability policy that makes sense for your business protection needs, keep these details in mind.
Umbrella Insurance Can Provide Your Business More Coverage for Less Money.
When you purchase Umbrella Liability Insurance for your real estate or title business, you also enjoy the convenience of paying one premium for higher limits on multiple underlying policies. Plus, you also receive more coverage for less money as compared to individually raising the limits of your General Liability and Employer's Liability plans. Best of all, Excess Liability policies typically cost only a couple hundred dollars a year, which is a premium most small-business owners can afford.
Excess Liability Won't Raise Your Professional Liability Limits.
While your Umbrella policy can increase your General Liability policy or Employer's Practices Liability policies by millions, it cannot touch the limits of your Professional Liability / Errors & Omissions coverage. If you want to raise the limits of your E&O policy or you are concerned your current limits do not adequately meet your needs, be sure to speak to your insurance agent.
Umbrella Liability is Available in $1 Million Increments.
Umbrella / Excess Liability coverage can be purchased in increments of $1 million, which gives your real estate business ample breathing room in case you are ever sued for General Liability- or Employer's Practices Liability-related claims. Because court costs can quickly exceed tens of thousands of dollars even before a judgment is passed, the higher limits your Umbrella policy offers can keep your business from paying out of pocket in the event of a covered claim.
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Business Insurance Policies for Real Estate Companies
At insureon, the insurance agent you'll talk to specializes in working with real estate agents and property managers to design business insurance policies that adequately address their unique risks. We can help you make sure you receive the protection you need — no more, no less.
If you're ready to strengthen your business protection with an Excess Liability plan, get started with our online application.