Agents and brokers have different needs when it comes to professional liability insurance. While both perform many of the same functions for the real estate industry, the higher level of responsibility extended to the brokers who oversee individual agents also invokes a set of risks that agents don’t have. As a result, if your agents are buying the same policies you do as a broker, they’re overpaying. If you’re covering the policies for a whole office, then that means you’re overpaying. Luckily, the same people that write policies for brokers often write specialized real estate agent insurance built to save you money while protecting all the agents who work with you.
Building a Policy for Your Whole Firm
More and more, brokers and agents are banding together to create larger firms capable of handling a range of niches in the local real estate industry. If you’ve got other brokers in the office, talk to a professional insurance provider with extensive real estate experience to learn how you can get one policy that covers the whole staff, with individualized coverage for agents and brokers that has everything you need, without overpaying for anyone or leaving gaps in your professional liability coverage. That way, you can simplify insurance review and streamline costs all at once. Whether your office is large or small, it’s still a good idea to see if you can get an umbrella policy that consolidates all your individual broker & agent policies.