General liability for real estate businesses

Every company that works with the public can benefit from general liability insurance, and real estate businesses are no exception. General liability insurance assures your clients that you can cover expenses in the event of property damage or injury.

This policy covers three types of third-party claims:

• Bodily injuries
• Property loss or damage
• Advertising injuries

Real estate professionals can often save money on business insurance by bundling general liability insurance with commercial property insurance in a business owner’s policy. Businesses that are eligible for a BOP typically:

• Have fewer than 100 employees
• Have a small office or workplace
• Make less than $1 million in annual revenue
• Operate in a low-risk industry
• Need less than 12 months of business interruption insurance

Talk to a licensed Insureon agent to find out if your real estate business qualifies.

There’s always a chance that someone could be injured at your office or property. If a client or visitor sues, you could find yourself responsible for legal and medical expenses. General liability insurance can help cover:

• Medical bills
• Attorney’s fees
• Court-ordered judgments
• Settlements
• Funeral expenses in fatal incidents

Note that this policy does not cover employee injuries. For that, you’ll need workers’ compensation insurance.

General liability insurance can cover damage to client or customer property, including the cost of repairing or replacing an item. If you break an expensive sculpture during a showing at a client’s property, it could cover the cost of the sculpture – or legal fees if the client sues. This coverage applies to incidents both at your office and off-site.

If you advertise or use social media for business purposes, your real estate business could be exposed to advertising injury claims. General liability insurance covers accidental advertising injuries, such as a lawsuit over a logo that looks similar to that of a competitor. It can pay legal fees related to:

• Defamation, both libel (written) and slander (spoken)
• Copyright / brand infringement

While general liability insurance covers common real estate risks, it does not provide complete protection. Other policies to consider include:

Commercial auto insurance: This policy covers vehicles owned by your business. It typically pays for accidents and damages related to theft, weather, and vandalism.

Commercial umbrella insurance: Provides additional coverage for liability claims made on general liability, commercial auto, or employer’s liability insurance, once a policy's limit is reached.

Cyber liability insurance: This policy helps real estate businesses survive data breaches and cyberattacks. It can help cover client notification expenses and other associated costs.

Errors and omissions insurance (E&O): Also called professional liability insurance, this policy can cover legal costs of lawsuits related to a real estate professional's business decisions.

Lessor's risk only insurance: This policy protects commercial landlords from tenant lawsuits over property damage and injuries.

Are you ready to safeguard your real estate business with general liability insurance? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.