Realty
Real estate agents and brokers offer vital services, including listing, advertising, promoting, and arranging the sale of real property. They may also provide additional services such as insurance sales, mortgages, and valuations. Given the broad range of activities, having the right insurance coverage is essential to safeguard your business from various risks.
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Coverage Options
Property Exposure
Real estate offices typically store significant amounts of client records, adding to the fire load. Ensure that storage is in fireproof file cabinets and that fire suppression systems do not damage the documents.
Inland Marine Exposure
This includes coverage for accounts receivable, computers, and valuable papers. It is crucial to have secure storage and documentation of valuable papers, with duplicates stored safely off-site. Computer records should be maintained and regularly backed up.
Crime Exposure
Employee dishonesty, including theft of customer property, is a significant concern. Implement strict methods and procedures to prevent unauthorized access to customer property and financial information. Background screening and secure record-keeping are essential.
Occupiers’ Liability
Maintain well-kept customer waiting and conference areas. Ensure that floor coverings are in good condition and that all areas are properly maintained to prevent slip and fall incidents.
Professional Liability
Real estate professionals must adhere to high standards of service. Ensure that credentials are verified and that only qualified professionals handle tasks. Regular file monitoring and employee evaluations should be documented. Background checks are essential to verify credentials and education.
Automobile Liability
The primary exposure is for hired and non-owned vehicles. If company vehicles are provided, establish clear rules regarding personal use. Ensure all drivers have valid licenses and clean driving records.
Workplace Safety Exposure
Primarily an office exposure, with the extensive use of computers. Workstations must be ergonomically designed to prevent repetitive motion injuries. Implement safety measures for employees working off-site and protections for agents taking clients to visit homes.
Why Insure Your Realty Business?
Operating in the real estate industry involves significant risks, from handling valuable client information to managing financial transactions. Insurance coverage protects against property damage, professional liability, employee dishonesty, and other potential exposures that can severely impact your business operations.
Who Needs Realty Insurance?
Real estate professionals, including:
Real estate agents
Real estate brokers
Property managers
Real estate consultants
Appraisers
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KRGinsure: Your Coverage Expert
At KRGinsure, we understand the unique challenges faced by real estate professionals. Our dedicated brokers are here to help you design a tailored insurance program that meets the specific needs of your business. We provide expert advice on risk management and ensure that you have the right coverage in place to protect your operations.
Contact KRGinsure to learn more about our comprehensive realty insurance solutions and how we can help safeguard your business.