Workers' Compensation Insurance
for Real Estate Professionals
Real estate agencies rely on their employees to manage client information, create listings, show property, and research ownership rights. Without your staff, your business wouldn't have the flexibility or the organization it needs to truly flourish. But no matter the size of your business, your staff could face risks while carrying out their work. From driving between property locations to showing real estate at odd hours in remote or urban areas, your agents could sustain injuries and accidents that your business could be held responsible for.
Even if your staff mostly performs their duties in the safety of your office, accidents and uncontrollable events happen all the time. A trip over a computer cord could result in broken bones. Carpal tunnel syndrome is all too common in office environments. And without adequate Workers' Compensation Insurance, these expenses can fall on your real estate or title business's shoulders. With the appropriate policy in place, however, your real estate and title business has coverage for medical expenses, foregone wages, and court costs if an employee pursues legal action against your business.
Additionally, most states mandate that businesses with employees have a Workers' Comp policy in place, although laws vary considerably. To learn more about Workman's Compensation and how it protects your business and your employees, keep reading.
Workers' Comp Protects
Workers' Compensation: Protecting Real Estate and Title Employees
In the comfort and relative safety of an office setting, severe injuries and accidents may seem a world away. But because unexpected mishaps occur all the time and without warning, your real estate and title business can only benefit from a Workers' Compensation policy. That way, when your employees develop carpal tunnel syndrome from typing at their computers all day, or burn themselves when fetching a client some hot coffee, you have the means to provide for their care.
So when accidents happen and employees are injured, your Workers' Compensation Insurance steps in to cover their immediate medical attention and, depending on your policy, even their foregone income while they recover.
In the second portion of your Workers' Comp policy, you'll notice coverage called "Employer's Liability Insurance," which kicks in if an employee sues your business for the injuries or ailments they incurred while performing their duties. Should the injured employee claim your business's negligence or failure to provide a safe work environment is to blame for their suffering, Employer's Liability coverage provides for defense fees, settlements or awards, witness fees, and more.
Workers' Comp: Coverage Tips
Workers' Comp for Real Estate & Title Companies: Coverage Tips
Workers' Compensation policies for your real estate or title business can offer a plan of action when disasters strike. While you shop for a policy to meet your risk management needs, however, keep these key details in mind.
Real Estate Professionals: Know Your State's Laws.
If your real estate agency or title business has W2 employees, there's a good chance your state requires that you carry Workers' Compensation coverage. Yet each state has its own fine print. For example, some states operate a Workers' Comp fund. Others allow your business to outfit itself with private coverage. Some state laws only kick in when you have a certain number of employees, while others simply state that any employees — even contractors! — should be covered.
Before you finalize your Workers' Compensation policy, you'll want to make sure it adheres to your state's laws. If you're short on time, one of our insureon agents will be happy to help you understand your state's requirements and find a policy that fits your needs.
Reduce Premiums By Excluding Yourself from Coverage.
In some states, sole proprietors, owners, and officers can exclude themselves from Workers' Comp coverage, which may decrease the rate of your premium. However, it's worth noting that as the owner of your real estate or title company, you may benefit from having yourself included in the policy. You'll want to weigh the money you save against the usefulness of having coverage if you should be injured while carrying out your own work.
Risk Management Guide
Risk Management Guide for Real Estate and Title Businesses
Workers' Compensation acts as a safety net when your risk reduction strategies aren't quite enough to prevent accidents. Still, it's always in the interest of your real estate or title business to create a safer work environment for employees. Here are a few tips you can try:
- Hold safety training sessions. These may involve self-defense techniques for real estate agents who visit properties at odd hours, lifting techniques for heavy file boxes or items, or proper use of office equipment.
- Stress the importance of ergonomics in your office. Because office workers are at higher risk of developing carpal tunnel syndrome, you may consider outfitting your office with ergonomic office tools and furniture to reduce these claims.
- Bring someone along when you or your agents visit properties after dark. Assault-, battery-, and robbery-related claims tend to be tied to afterhours work in desolate buildings.
When you're ready to begin Workers' Compensation coverage for your real estate or title business, complete our all-online application. We can help you find a policy that meets your state's laws and offers competitive rates!