Real Estate Business Insurance
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Cyber insurance for real estate businesses

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Cyber insurance

Cyber liability insurance, also called cybersecurity insurance, protects small businesses from the high costs of a data breach or malicious software attack. It covers expenses such as customer notification, credit monitoring, legal fees, and fines.

Cyber liability covers breaches in cybersecurity

Real estate businesses handle sensitive customer data and perform sizable transactions. That translates into a high risk of cyberattacks. If electronic data is stolen or compromised, your customers are at risk of theft – including identity theft – and they could sue your company.

When data is stolen or compromised, cyber insurance can cover legal fees and provide vital resources, such as credit monitoring for affected clients.

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How real estate businesses can benefit from having cyber insurance

Cyber liability insurance helps real estate professionals pay for expenses associated with data breaches. If a cybersecurity breach occurs at your business, a cyber liability policy could provide coverage for:

  • Notifying clients or customers about the breach
  • Good-faith advertising or PR campaigns to restore reputation
  • Credit monitoring services for affected clients
  • Cyber extortion demands
  • Attorney's fees
  • Court costs
  • Settlements or judgments

Other policies for real estate businesses to consider

While cyber liability insurance is essential for any business that handles sensitive data, it does not cover other common risks. Accidents can happen in any real estate profession. Other insurance 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 auto insurance: This policy covers vehicles owned by your business. It typically pays for accidents and damages related to theft, weather, and vandalism.

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.

Errors and omissions insurance (E&O): Also called professional liability insurance, this policy can cover the costs of lawsuits related to the quality of your work.

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

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

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Top cyber security risks for real estate agents
While cyber security threats can impact many businesses, real estate agents are particularly susceptible, and need to understand the top security risks and how to protect themselves.

Get free quotes and buy online with Insureon

Are you ready to safeguard your real estate business with cyber liability 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: August 23, 2022
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