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Real estate agent and broker insurance in Florida
Learn about business insurance requirements and the most common policies for real estate agents and brokers in Florida.
Which policies are required for real estate agents and brokers in Florida?
If you have a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by real estate agents and brokers in Florida, general liability insurance can protect your business from expenses associated with common mishaps, such as client property damage and injuries.
Your clients may require errors and omissions insurance in a contract. Also called professional liability insurance, errors and omissions insurance provides financial protection if a client files a lawsuit claiming your work caused financial harm because it was late, erroneous, or incomplete. Though E&O insurance is not required in Florida, some states require real estate agents and brokers to carry it.
Florida state law requires small businesses outside of the construction industry that employ four or more workers to carry workers’ compensation coverage, and business-owned vehicles must be covered by commercial auto insurance. Personal vehicles used for business purposes should have commercial coverage, as well.
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What are the most common policies for a real estate agent or broker in Florida?
The most common policies for real estate agents and brokers in Florida vary depending on revenue, client contracts, partnerships, and other factors.
General liability insurance
General liability insurance is the foundation of a real estate agent or broker’s business protection, with coverage that extends to client injuries, client property damage, and advertising injuries. Most commercial leases require you to have this coverage.
Errors and omissions insurance (E&O)
Many clients require proof of errors and omissions insurance before entering into contracts for professional services. This policy, also called professional liability insurance, can help cover legal expenses if a real estate agent or broker is sued for unsatisfactory performance or a work mistake.
Workers' compensation insurance
If you own a real estate agency or brokerage in Florida, you are required to carry workers’ compensation coverage if you employ four or more workers. If you are a sole proprietor, the coverage is optional. However, if you break your arm by tripping on the steps at a property, or develop carpal tunnel syndrome after years of working on a computer, you can turn to your workers’ comp policy to help pay your medical bills and lost wages.
Business owner's policy (BOP)
Real estate agents and brokers in Miami, Orlando, and elsewhere in the state often qualify for a business owner’s policy. This package helps your business save money by bundling commercial property insurance with general liability insurance at an affordable rate.
Commercial auto insurance
Personal auto insurance policies typically exclude business use, which means you could end up paying for an auto accident if it happens on a work errand with your personal vehicle. Commercial auto insurance is required for vehicles owned by real estate companies. Hired and non-owned auto insurance covers personal vehicles used for business purposes.
Cyber liability insurance
Cyber liability insurance can help real estate agents and brokers survive data breaches and cyberattacks experienced by your company. Many professional liability policies include this coverage, but check with your licensed Insureon agent to make sure.
What do real estate agents in Florida pay for business insurance?
Despite Florida’s sunny business climate and relatively low cost of living, median insurance costs for real estate agents trend slightly higher than the national median, according to an analysis of Insureon applications. While general liability insurance is slightly higher than the national median, the cost of a BOP is notably lower. If your agency requires commercial space, a BOP can bundle commercial property and general liability at a significant discount. In all, a Florida real estate agent can expect to spend around $250 per month on business insurance to secure their company.
Save time and money with Insureon
Insureon’s industry-leading technology helps real estate agents and brokers in Florida save time and money shopping for insurance by comparing policies from top U.S. carriers. Start a free online application to review quotes for the policies that best fit your business. Our insurance agents are licensed in Florida and can answer your questions as you consider coverage.
To make the application go quicker, have this information ready:
- Workforce details, such as the number and types of employees
- Current and projected revenue
- Business partnerships
- Insurance history and prior claims
- Commercial lease insurance requirements
Apply for free real estate agent and broker insurance quotes today.
Updated: August 8, 2023
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