In Florida, “most brokers will pay for your insurance, but that typically only includes errors and omissions insurance (E&O). You’ll still have to fork out money for general liability, workers’ compensation (for hired photographers), cyber liability and business owner’s insurance.”
As a real estate professional, it is essential to have General Liability insurance to protect your business from a range of potential liabilities. Without it, you could be at risk of a lawsuit from a client, tenant, or even a third-party.
General Liability insurance provides coverage for a wide range of liabilities, including property damage, personal injury, advertising injury, and medical payments. In the event of a lawsuit, the insurance company will pay for legal costs and any settlements or judgments up to the limits of the policy.
It is important for real estate agents to have General Liability insurance in place because it helps to protect their business from financial losses due to claims and lawsuits. It also provides peace of mind that their business is covered should something unfortunate happen.
Realtors need General Liability insurance to cover a variety of potential risks. For example, if a tenant claims that a real estate agent’s negligence has caused them financial loss, a General Liability policy could cover the costs of legal fees, settlements, and judgments. Similarly, if a third party is injured at a property that a real estate agent is responsible for, a General Liability policy could provide coverage for medical bills, lost wages, and other damages.
In addition to protecting their business, General Liability insurance helps real estate agents maintain a good reputation. It shows that they are serious about protecting their business and their clients, and it demonstrates that they are committed to doing business ethically and responsibly.
Ultimately, General Liability insurance is an essential part of any real estate agent’s business. It protects them from a range of potential liabilities and provides peace of mind that their business is covered in the event of a lawsuit. Without it, real estate agents could be exposed to significant financial losses.
Additional coverage options to consider are: Business Owners Policy, Cyber Liability, Commercial Auto