Facebook iconTwitter iconLinkedIn iconEmail icon

How much does insurance cost for real estate businesses?

Several factors contribute to the cost of business insurance for real estate agents and brokers, such as your level of risk. Cost estimates are sourced from policies purchased by Insureon customers.

General liability insurance icon

General liability insurance costs for real estate professionals

Real estate businesses pay a median premium of about $30 per month, or $390 per year, for general liability insurance. This policy provides protection for third-party bodily injuries, property damage, and advertising injuries.

Insureon’s licensed agents typically recommend a business owner’s policy over a standalone general liability policy. A BOP combines general liability insurance with commercial property insurance to protect your real estate agency, and costs less than purchasing each policy separately.

Learn more about general liability insurance.

Your level of risks affects general liability costs

Among real estate businesses that purchase general liability insurance with Insureon, 52% pay less than $400 per year and 35% pay between $400 and $800 per year. Factors such as the size of your business and its risks affect the cost of general liability insurance.

Cost of general liability insurance for real estate businesses.

Common general liability limits for real estate businesses

Policy limits determine how much your insurer will pay on covered claims. A per-occurrence limit is the maximum your insurer will pay for a single incident, while an aggregate limit is the maximum your insurer will pay on any claims during your policy period, typically one year. Higher limits cost more – and provide better coverage.

Most real estate businesses (89%) choose general liability policies with a $1 million per-occurrence limit and a $2 million aggregate limit. As your small business grows, you may need to expand your policy limits.

Errors and omissions insurance icon

Errors and omissions insurance costs for real estate professionals

The median cost of errors and omissions insurance for real estate businesses is about $55 per month, or $665 annually. This policy, also known as professional liability insurance, can protect your business from work mistakes that negatively impact clients. The cost depends on your type of real estate business and other key operations factors.

Learn more about errors and omissions insurance.

The cost of E&O insurance depends on your risks

Among real estate businesses that purchase errors and omissions insurance with Insureon, 38% pay less than $600 per year and 44% pay between $600 and $1,200 per year. The cost increases depending on the risk of a business being sued over a professional mistake.

Cost of errors and omissions insurance for real estate businesses.

Which errors and omissions insurance limits do real estate companies choose?

Most real estate businesses (61%) choose errors and omissions policies with a $1 million per-occurrence limit and a $1 million aggregate limit. Another 26% choose policies with a $500,000 per-occurrence limit and a $500,000 aggregate limit.

Professional risks affect the cost of errors and omissions insurance for real estate businesses

High-risk professionals, such as title abstractors, typically pay more for errors and omissions insurance than real estate agents. In professions where work mistakes can have serious financial repercussions for a client, such as a title abstractor overlooking a zoning restriction on a property, you may find yourself paying more for this policy.

The annual median premium for a title abstractor is $933, while the median for a real estate agent is $606 – or about $50 a month.

Median annual cost of errors and omissions insurance by profession.
Compare business insurance quotes for real estate professionals
Workers’ compensation insurance icon

Workers’ compensation insurance costs for real estate professionals

To meet your state’s requirements and avoid penalties, real estate businesses with employees typically must purchase workers’ compensation insurance. This policy helps cover medical bills and partial lost wages when an employee suffers a work-related injury or illness. With a median premium of about $50 per month, or $620 per year for real estate businesses, policy cost is determined by your number of employees and occupational risk, among other factors.

Learn more about workers' compensation insurance.

The cost of workers’ compensation insurance depends on the number of employees

Among real estate businesses that purchase workers’ compensation insurance with Insureon, 31% pay less than $400 per year and 75% pay less than $800 per year. The cost depends on the number of employees and the level of risk involved with their jobs, among other factors.

Cost of workers’ compensation insurance for real estate businesses.
Business owner’s policy icon

Business owner’s policy costs for real estate businesses

Real estate businesses pay a median premium of less than $45 per month, or $520 per year, for a business owner’s policy. This policy combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.

A BOP protects against third-party injuries and property damage, along with damage to your own business property. Because of its increased coverage and affordability, it’s the policy most often recommended by Insureon’s licensed agents.

Learn more about business owner’s policy.

The cost of a BOP depends on your business property

Among real estate businesses that purchase a business owner’s policy with Insureon, 13% pay less than $400 per year and 59% pay between $400 and $800 per year. The cost depends primarily on the value of your business property.

Cost of business owner’s policy for real estate companies.

Business owner’s policy limits for real estate businesses

Most real estate businesses (79%) choose a business owner’s policy with a $1 million per-occurrence limit and a $2 million aggregate limit.

Compare quotes from trusted carriers with Insureon

Insureon’s real estate business insurance agents work with top-rated U.S. carriers to find affordable coverage that fits your business. Apply today to compare multiple quotes with one free online application. Work with an account manager specializing in the unique risks of real estate agents, commercial landlords, and property managers.

Compare real estate business insurance quotes
Save money by comparing insurance quotes from multiple carriers.
Learn More
Recommended insurance policies for real estate agentsRecommended insurance policies for commercial landlordsWhat are insurance premiums, policy limits, and deductibles?Errors and omissions lawsuit tips for real estate professionalsThe top cyber liability risks for real estate agents