If you’ve worked in real estate for a while, you already know you need to protect yourself with the right professional insurance. That’s something you learn while studying to become an agent. Did you know that real estate broker insurance is a separate form of coverage, though? If you advance your career by moving from an agent’s license to a full broker’s license, you’re going to need to upgrade your insurance to cover the financial liabilities associated with your new position.
Broker-Specific Professional Risks
If you own your firm and act as the lead broker, you’re going to have business insurance needs above and beyond your brokerage insurance, but you also need a policy that covers your professional liability. That means covering your role in transactions where you act as the lead agent as well as your exposure in deals that have been closed by the agents working under you. If you’re a broker at a large firm, you need that coverage for your team, but you don’t have to worry about over-arching liability for the whole operation because each broker is insured for individual professional liabilities, and your exposure only involves the agents you are responsible for and the deals you close. Either way, you need an insurance provider who understands your career and your professional insurance needs.