- Business owner’s policy
A business owner’s policy (BOP) bundles general liability insurance with commercial property insurance. It typically costs less than if the policies were bought separately.
A BOP covers common risks and business property
A business owner’s policy protects real estate professionals from third-party liabilities and property damage by combining general liability insurance and property insurance. Since real estate jobs are typically low-risk, your business may qualify for a BOP.
This policy covers common risks including:
- Lawsuits over customer injuries or property damage
- Advertising injuries and copyright infringement
- Damaged business property
Save money and increase coverage by bundling policies
Real estate professionals can often save money on business insurance by bundling general liability insurance with commercial property insurance in a business owner’s policy. Businesses that are eligible for a BOP typically:
- Have fewer than 100 employees
- Have a small office or workplace
- Make less than $1 million in annual revenue
- Operate in a low-risk industry
- Need less than 12 months of business interruption insurance
Talk to a licensed Insureon agent to find out if your real estate business qualifies for a BOP.
What coverage can a business owner's policy provide for real estate professionals?
Lawsuits over customer injuries or property damage
Real estate agents, commercial landlords, and other real estate professionals work with the public on a regular basis, which means more exposure to risks. A business owner’s policy helps cover third-party lawsuits related to:
- Physical injuries, such as a potential customer tripping during a home tour
- Property damage, such as an agent breaking a valuable item during a home staging
Advertising injuries and copyright infringement
The general liability portion of a business owner's policy protects against advertising injuries. For example, if an employee at your real estate agency makes a false claim about a competitor on social media, this policy could help pay the cost of a lawsuit if your competitor sues. A BOP can help cover lawsuits related to:
- Written defamation (libel)
- Spoken defamation (slander)
- Copyright infringement
Damaged business property
The property coverage of a business owner’s policy protects your office, furnishings, and equipment in the event of damage, theft, or loss. A BOP can help pay for business property loss or damage caused by:
Other policies for real estate businesses to consider
While a business owner’s policy covers many common real estate risks, it does not provide complete protection. Whether you're a title abstractor or a real estate broker, accidents happen. Other policies to consider include:
Commercial auto insurance: This policy covers vehicles owned by your business. It typically pays for accidents and damages related to theft, weather, and vandalism.
Errors and omissions insurance: Also called professional liability insurance, this policy can cover legal fees of lawsuits related to your business decisions.
Workers’ compensation insurance: Workers' comp is required in almost every state for real estate businesses that have employees. It can cover medical expenses for work injuries.
Get free quotes and compare policies with Insureon
Are you ready to protect your real estate company with a business owner’s policy? Complete Insureon’s easy online application today to compare quotes from top U.S. carriers. Once you find the right policy, you can begin coverage in less than 24 hours.