February 15, 2019
Real estate professionals make it their daily duties to serve their clients and make the experience of buying or selling a property as seamless and painless as possible. But while this is the main goal of real estate agents and brokers, it’s not always the result. From errors and omissions to claims of negligence, those who work in the real estate field are open to a number of liabilities.
Fortunately, there is a level of protection that can be applied so that the daily duties of real estate professionals are less stressful. Real estate professional insurance options like general liability insurance can provide peace of mind so that agents and brokers can get back to taking care of business and serving their clients with the utmost quality. Here are some of the benefits of the coverage.
Real estate companies work with clients on a daily basis, and the majority of those deals are done over the phone or in the setting of a property they are showing. But there are times when face-to-face discussions do occur within and office setting, which means even in an insulated space, clients are exposed to liability risks. Trips, slips, and falls are just a few of the things that can occur on your premises, which can open the door to a number of claims.
Even if your real estate business is not at fault, you would still have to hire legal counsel for court costs just to defend your innocence. Either way, you’re looking at some costs that can easily stack up. General liability insurance is there to ease your stress around paying for litigation as well as being away from your operations as a business.
General liability kicks in when someone sustains a bodily injury on your premises and covers your staff’s culpability in these claims as well. With this fundamental coverage, real estate business owners know that no matter what unexpected accidents occur, your business will have the financial backup to handle costly claims.
General Liability for Agents and Brokers
For agents and brokers who go out into the field and show homes and properties, which obviously makes up the majority of their day, liabilities are essentially around every corner. Say an agent is driving a client to a house to look at and they’re involved in an accident on the road—this opens them up to legal issues. Or if an agent is showing a house and the client slips and falls inside or a piece of furniture somehow injures them—this is another opportunity for general liability to come into play.
Even if your office is accident-proof and your agents and brokers have never had issues with clients in the past, that doesn’t mean things can’t happen moving forward. With general liability insurance set, business can continue as usual even in the event of litigation.
About Associations Liability Insurance Agency (ALIA)
The ALIA Team (part of the Riverton Insurance Agency Corporation), specializes in helping real estate professionals find the affordable and comprehensive coverage they need, without the hassle. ALIA dates its roots to 1991 with the founding of FREA, Foundation of Real Estate Associates. In 2013, ALIA was created to work with multiple insurance companies thereby broadening the portfolio of products to customers. In 2017, ALIA was purchased by Riverton Insurance Agency Corp.