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Business Insurance for Real Estate Appraisers
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Save money by comparing real estate appraiser insurance quotes
An inaccurate valuation or accidental property damage could financially impact your appraisal business. Protect yourself with real estate appraiser insurance.
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What types of insurance do real estate appraisers need?
These policies provide coverage for the most common appraiser risks.
General liability insurance
This policy covers basic real estate appraiser risks, such as customer property damage and injuries. Bundle with property insurance for savings in a business owner’s policy.
BEST FOR
- Slip-and-fall accidents
- Damaged customer property
- Libel or slander lawsuits
Errors and omissions insurance
This policy is also called E&O or professional liability insurance. It can cover the cost of lawsuits related to an appraiser's work performance and business decisions.
BEST FOR
- Accusations of inaccurate appraisals
- Missed deadlines for appraisals
- Work errors and oversights
Workers’ compensation insurance
This policy is required in almost every state for real estate appraisal businesses with employees. It can help cover medical fees and lost wages for work-related injuries.
BEST FOR
- Employee medical expenses
- Missed wages
- Legal costs
Business owner’s policy
This policy bundles property insurance and general liability insurance in one plan. A BOP is often one of the most cost-effective types of commercial insurance for an appraiser.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Commercial auto insurance
This policy is required for business-owned vehicles. It typically pays for medical bills and damages after an accident, along with vehicle theft, vandalism, and weather damage.
BEST FOR
- Car accidents
- Vandalism and theft
- Weather damage
Cyber liability insurance
This policy helps real estate appraisers mitigate the aftereffects of data breaches and cyberattacks. It can cover data recovery expenses and other costs related to a breach.
BEST FOR
- Data breach lawsuits
- Breach notification expenses
- Fraud monitoring costs
Looking for different coverage? See more policies.
How much does insurance cost for real estate professionals?
Several factors will have an impact on insurance costs, including:
- Real estate services offered
- Business equipment and property
- Revenue
- Location
- Number of employees
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Why do real estate appraisers need business insurance?
Real estate appraisers play the essential role of determining property value for both lenders and buyers. An inaccurate estimate could lead to a lawsuit with tremendous financial repercussions for your small business. Real estate appraiser insurance can help you bounce back from a lawsuit, injury, or other unexpected loss.