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Commercial auto insurance for real estate businesses

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Commercial auto insurance

Commercial auto insurance covers legal bills, medical expenses, and property damage if a business vehicle is involved in an accident.

Commercial auto insurance protects the vehicles you depend on

Whether meeting with clients, scouting properties, or driving prospective buyers to showings, real estate agents drive… a lot. Driving creates a huge risk for small businesses. Commercial auto insurance can help cover accidental damage or bodily injury caused while driving a business-owned vehicle.

This policy can help pay for:

  • Auto liability coverage
  • Medical bills
  • Physical damage and collision coverage
  • Uninsured motorist coverage
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Who needs commercial auto insurance?

Company-owned vehicles must be covered by commercial auto insurance. State regulations determine how much coverage you need. Your commercial auto insurance must meet your state’s liability insurance requirements.

What coverage can commercial auto insurance provide for real estate professionals?

Auto liability coverage

If an employee gets into a car accident while driving a business vehicle, commercial auto insurance can help pay for damages. These include:

  • Repair costs for the other person's damaged vehicle or property
  • Legal expenses if you're sued over the other driver's injuries

Medical bills

In the event of injury, commercial auto insurance can cover medical expenses for yourself and others, regardless of who’s at fault in the accident. This can include:

  • Medical expenses if you're injured in an auto accident
  • Medical expenses for occupants in your vehicle
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Physical damage and collision coverage

If a tree branch lands on your parked truck and shatters the windshield, or a vandal breaks a window in your van, commercial auto insurance can pay for repairs. It can also cover:

  • Theft
  • Vandalism
  • Certain weather events
  • Impact with another object

Uninsured motorist coverage

Even though it’s required by law, not all drivers carry insurance. When uninsured motorists cause accidents, they may not be able to cover damages. Commercial auto insurance safeguards you from having to foot the bill. It can help pay for:

  • Your bodily injuries
  • Damage to your car (depending on your policy and state)

Personal vehicles may need additional coverage

Commercial auto insurance only covers business-owned vehicles, but sometimes employees drive their own cars for business errands. Personal auto policies almost always exclude coverage for business use.

Hired and non-owned auto insurance provides liability coverage for real estate professionals who get into an accident while driving their personal vehicle to conduct company business. It also covers leased and rented vehicles.

How much does commercial auto insurance for real estate professionals cost?

Real estate professional calculating the cost of business insurance.

Most business owners pay an average of $147 per month for commercial auto insurance, but you could pay more or less depending on your risks.

Insurance costs for real estate professionals are based on a few factors, including:

  • Real estate services offered
  • Business equipment and property
  • Revenue
  • Location
  • Number of employees

Other important policies for real estate professionals

Commercial auto insurance covers your business vehicle, but real estate professionals face many other risks. No matter your field of expertise, accidents can happen. Other policies to consider include:

General liability insurance: A general liability policy covers common business risks like customer injury, damage to a customer’s property, and advertising injury.

Commercial umbrella insurance: Provides additional coverage for liability claims made on general liability, commercial auto, or employer’s liability insurance, once a policy's limit is reached.

Business owner's policy (BOP): This policy combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.

Cyber liability insurance: This policy helps real estate businesses survive cyberattacks and data breaches by paying for recovery expenses and other associated costs.

Errors and omissions insurance (E&O): Also known as professional liability insurance, this policy can cover legal costs of lawsuits related to your business decisions.

Workers’ compensation insurance: This policy is required in almost every state for real estate businesses with employees. It can cover medical expenses for work injuries.

Lessor's risk only insurance: This policy protects commercial landlords from tenant lawsuits over property damage and injuries.

Get free quotes and buy online with Insureon

Are you ready to safeguard your real estate business with commercial auto insurance? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.

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Updated: May 3, 2022

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