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Real estate agent and broker insurance in Ohio

Learn about business insurance requirements and the most common policies for real estate agents and brokers in Ohio.

Which policies are required for real estate agents and brokers in Ohio?

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 Ohio, 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.

State law in Ohio requires every small business with one or more employee to provide 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 Ohio?

The most common policies for real estate agents and brokers in Ohio vary depending on revenue, client contracts, partnerships, and other factors.
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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.

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Errors and omissions insurance (E&O)

Many clients ask for proof of errors and omissions insurance before entering into contracts for professional services. Though E&O insurance is not required in Ohio, this policy provides crucial protection and some states require real estate agents to carry it. 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.

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Ohio workers' compensation

Ohio requires all businesses with one or more employees to carry workers’ compensation coverage. Coverage is optional for sole proprietors. Ohio runs a monopolistic state-administered workers’ compensation fund, meaning coverage cannot be secured through a private insurer. While real estate agents and brokers experience workplace injuries at a lower rate than the national average, injuries do occur. If an employee is injured on the job, workers’ comp can help pay for medical fees and lost wages.

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Business owner's policy (BOP)

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.

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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.

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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 Ohio pay for insurance?

Real estate agents in Ohio can expect their business insurance costs to trend lower than the national median, according to an analysis of Insureon applications. However, Insureon does not have data for workers’ compensation, as it’s administered through the state.

Errors and omissions is generally the most costly policy for real estate agents, and Ohio is no exception. While it may be tempting to go without this coverage, any short-term savings could disappear if you're confronted with an errors and omissions lawsuit. The Hartford Insurance company found legal costs can range from a few thousand dollars up to the mid-hundred thousands, as reported by the National Association of Realtors. In all, a real estate agent in Ohio can expect to spend less than $150 per month for an errors and omissions policy and a general liability policy to secure their small business.

Median insurance costs for Ohio real estate agents and brokers

Save time and money with Insureon

Insureon’s industry-leading technology helps real estate agents and brokers in Ohio 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 Ohio 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.

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