The Toole Peet Insurance real estate program is a collaborative insurance program that was designed by real estate industry stakeholders and insurance professionals in order to meet the unique needs of a rapidly changing environment. At the core of this real estate agent insurance program is a general liability policy. This type of coverage that will defend, investigate and settle claims for damages that are caused by a negligent act that results in property damage or bodily injury to a third party.
Claims of this type are not protected by the basic errors and omissions policies. A claim does not even have to have any merit, but the realtor will still have to be defended. The general liability policy will cover these costs, as well as the cost of the provisions in the agency agreement entered into with a typical brokerage by each licensed real estate professional.
Why Do Realtors Need This Coverage?
Toole Peet Insurance Brokers recognizes the fact that the majority of realtors are in fact independent contractors. As such, these real estate agents do not have protection under a policy that has been issued to the real estate brokerage to which they are licensed. This is a common mistake that brokers and realtors make.
The agency contract with a brokerage normally requires a realtor to hold the brokerage harmless for all costs and expenses arising out of the realtors actions. This coverage type will protect the brokerage and the realtor by providing the funding for that agreement if a claim is brought as well as a defense is necessary.
Personal assets are at risk. However, this realtor insurance policy is designed to protect those assets. The professional corporation that many realtors have to flow commissions is not protected against claims brought personally.
It is important to understand that every real estate agent is at risk for a claim. That is why it is crucial that you have the appropriate coverage in place with the ideal realtor insurance policy. Your Toole Peet broker will walk you through all the steps to make certain that you are aware of your policy limitations and understand the requirements for filing a claim when the need arises.
What Type of Coverage is Included?
When purchasing your realtor insurance policy, it is important to understand exactly what type of coverage is included. Fortunately, you have the intelligence and experience of your trusted Toole Peet broker on your side to explain all of the coverage options to you, such as:
- Bodily injury and property damage liability
- Non-owned automobile coverage
- Employers liability
- Employment practices liability
- Property damage coverage
Your real estate agent insurance policy provides you with excellent protection against buyer’s remorse. If property values decline, a client may hold you responsible if they feel that they have paid too much for the new home that they just purchased. The result is a negligence claim that you did not accurately research the value of the home that you sold to them. With proper liability coverage, you are protected even if the claim has no merit.
Wrongful discrimination is also a popular accusation in the real estate industry. A client may claim that you did not show certain homes to them based on their gender, religion or race. Even if you have done nothing wrong, you still have to pay the cost of defense. However, the right real estate insurance coverage will protect you in such an event.
Why Choose Toole Peet Insurance?
At Toole Peet Insurance, we understand that as a real estate agent, you are dedicated to serving your customers. Unfortunately, those customers are not always going to return the favor. Your financial security may one day relay on the protection that you have in place from a claim or lawsuit.
By purchasing your real estate agent insurance through Toole Peet Insurance, you can rest assured that you are getting a state-of-the-art policy that will protect you from any current or developing risks. We have been providing professionals just like you with quality coverage for many years, so you can take comfort in the fact that you have our expert knowledge and stability working for you.
No real estate agent ever expects to have a need to file a claim. However, the sole purpose of real estate agent insurance is to make certain that you will be protected from an unexpected crisis. The protection that you get through your real estate insurance policy is well worth the cost of the premium. After all, if you are ever sued or found liable in a claim against you, it will be too late to purchase the necessary coverage.
The time to be proactive is now. Signing up is easy, so enroll now to purchase your Real Estate Industry insurance.