Your real estate business helps people navigate one of life's biggest decisions – buying or selling property. Whether you’re showing homes, negotiating contracts or managing listings, your work carries risk. Unfortunately, one surprise expense (an unhappy buyer who sues or an employee who has a concussion while showing a property) can threaten your success. We believe in your business and want you to have affordable insurance that meets state requirements and protects your property, team and income. This guide breaks down:
A Business Owner’s Policy for realtors bundles general liability, property insurance, and optional business interruption coverage.
General liability insurance covers injuries and damages caused by your business, as well as advertising-related claims.
Workers’ compensation is required in most states if you have employees.
Here are five essential coverages every real estate professional should consider to stay protected and profitable:
A business owner’s policy (BOP) for real estate agents and brokers is a smart starting point. It bundles key coverages into one affordable package – ideal for new or growing businesses.
GENERAL LIABILITY FOR REALTORS Covers legal and medical costs if a client is injured or their property is damaged while you're providing services. It also protects you from advertising-related claims. Examples:
REALTOR PROPERTY INSURANCE Helps repair or replace your office, furnishings and equipment if disaster strikes – like fire, theft, or vandalism.
BUSINESS INTERRUPTION INSURANCE Replaces lost income if you need to temporarily close your business due to covered property damage.
If you employees, most states require you to cover them with workers' comp. It covers medical care and lost wages for staff injured on the job – and shields you from most employee lawsuits. Examples:
REAL ESTATE AGENTS AND BROKERS TYPICALLY PAY BETWEEN $500-$550 A YEAR FOR WORKER'S COMPENSATION. TO GET YOUR FREE QUOTE, CLICK HERE.
Real estate agents and brokers are strongly advised to carry this coverage (also known as Errors and Omissions) because it protects against lawsuits related to your professional services. Examples:
REAL ESTATE AGENTS AND BROKERS TYPICALLY PAY BETWEEN $410–$950 A YEAR FOR PROFESSIONAL LIABILITY INSURANCE. WANT TO SEE HOW MUCH YOU CAN SAVE? CLICK HERE.
If you use a vehicle for business – inlcuding showings, client meetings, property tours and more – most states require you to carry commercial auto.
REAL ESTATE AGENTS AND BROKERS TYPICALLY PAY BETWEEN $1,400-$2,200 FOR COMMERCIAL AUTO. TO COMPARE QUOTES AND SAVE, CLICK HERE.
Think of this as insurance for your insurance! A commercial umbrella insurance policy provides extra protection when your other key policies such as general liability reach their limits.
Your amazing company deserves protection that keeps up with your business. Mylo has been innovating insurance for 10 years and provided over 100,000 policies to 75,000+ small business owners. Because we don't sell our own insurance, we can give you an objective recommendation and find you the best value in your state – at no cost to you.
In minutes Mylo will:
A Business Owner's Policy saves you money by combining general liability (which helps you pay for medical expenses or lawsuits if someone is accidentally injured by your business) with property (which helps repair or replace your lost, stolen or damaged business property) and business interruption (which compensates you for lost revenue because of property damage). Also, "BOP" is fun to say. We won't judge.
Your business is vulnerable to lawsuits from clients who claim you misrepresented a property, failed to communicate in a timely way or didn't act in their best financial interests. You may also take on employees who don't know the job as well as you do. Professional liability helps you handle surprise legal expenses connected to your services.
You may be able to bundle your most essential coverages (general liability, property and business interruption) in a money-saving Business Owner's Policy. In addition, Mylo makes it easy to compare the best quotes from multiple top-rated carriers so you can find the right coverage at the best value in your state.
A Certificate of Insurance provides proof to your clients that they can do business with you and not be on the hook financially if something goes wrong. Once Mylo has helped you purchase a policy, you can request a free certificate of insurance (COI) directly from your new carrier. Contact information for your insurance carrier will be included in the email your Mylo agent sends out with your policy documents.