Learn about business insurance requirements and the most common policies for real estate agents and brokers in Georgia.
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 Georgia, 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 Georgia, some states require real estate agents and brokers to carry it.
Georgia state law requires workers’ compensation coverage for all small businesses that employ three or more workers, and business-owned vehicles must be covered by commercial auto insurance. Personal vehicles used for business purposes should have commercial coverage, as well.
The most common policies for real estate agents and brokers in Georgia vary depending on revenue, client contracts, partnerships, and other factors.
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.
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.
If you own a real estate agency or brokerage in Georgia, you are required to carry workers’ compensation coverage if you employ three 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.
Real estate agents and brokers 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.
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 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.
Despite Georgia’s favorable housing market and business-friendly climate, insurance costs in the real estate industry can be a bit higher than the national median, according to an analysis of Insureon applications. One outlier is general liability insurance, which trends about $150 per year less than national rates. A general liability policy provides the foundation of a real estate professional’s business insurance, making even a slight savings important. In all, real estate professionals in Georgia can expect to spend less than $250 per month to secure their small business.
Insureon’s industry-leading technology helps real estate agents and brokers in Georgia 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 Georgia and can answer your questions as you consider coverage.
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