Best Business Insurance for Real Estate Agents in 2024 (Top 10 Companies)
State Farm, USAA, and Nationwide provide the best business insurance for real estate agents, with rates as low as $120. Their tailored policies ensure comprehensive coverage, offering peace of mind in a dynamic market, from liability to property protection, they've got real estate agents covered.
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Michael Leotta
Insurance Operations Specialist
Michael earned a degree in Business Management degree with an insurance focus, which led to a successful 25-year career in insurance claims operations and support. He possesses a high-level of business acumen across multiple areas of the insurance industry. Over the course of his career, he served in multiple roles supporting claims operations including: Claims Specialist, Claims Trainer, Claim Au...
Insurance Operations Specialist
UPDATED: Apr 24, 2024
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UPDATED: Apr 24, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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3,019 reviewsThe top pick overall are State Farm, USAA, and Nationwide for the best business insurance for real estate agents, offering rates as low as $120. State Farm, among the best insurance companies, offers excellent rates and comprehensive coverage in the real estate sector.
These industry leaders provide tailored policies ensuring comprehensive coverage for real estate agents’ unique needs, offering peace of mind in a dynamic market.
Our Top 10 Company Picks: Best Business Insurance for Real Estate Agents
| Company | Rank | Multi-Policy Discount | Safe Driver Discount | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | 17% | 15% | Strong Reputation | State Farm |
 | #2 | 15% | 20% | Customer Loyalty | USAA |
 | #3 | 25% | 10% | Bundling Discounts | Nationwide |
 | #4 | 30% | 30% | Innovation and Technology | Progressive |
 | #5 | 25% | 20% | Customizable Policies | Allstate |
 | #6 | 35% | 20% | Global Presence | Liberty Mutual |
 | #7 | 20% | 15% | Personalized Service | Farmers |
 | #8 | 13% | 10% | Risk Management | Travelers |
 | #9 | 20% | 15% | Property Mastery | Chubb |
 | #10 | 15% | 10% | SMB Emphasis | Hiscox |
From liability protection to property safeguarding, these companies excel in providing reliable insurance coverage for real estate professionals.
Our free comparison tool makes it easy to stick to your business insurance budget – enter your ZIP code above to get started.
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#1 – State Farm: Top Overall Pick
Pros
- Strong Reputation: State Farm is recognized for its strong reputation in the insurance industry, providing a sense of reliability for real estate agents.
- Multi-Policy Discount: Offers a 17% multi-policy discount, encouraging clients to bundle different insurance products for cost savings.
- Low Complaint Level: The low complaint level indicates a high level of customer satisfaction. More information is available about this provider in State Farm insurance review & ratings.
Cons
- Average Monthly Rate: The average monthly rate for real estate agents is relatively higher, which might be a consideration for budget-conscious individuals.
- Limited Innovation and Technology: State Farm may not be as progressive in terms of innovation and technology compared to some competitors.
#2 – USAA: Best for Customer Loyalty
Pros
- Customer Loyalty: USAA is known for fostering strong customer loyalty, creating a positive environment for real estate agents seeking a long-term relationship.
- Safe Driver Discount: Offers a 20% safe driver discount, promoting and rewarding safe driving practices. Take a look at our USAA insurance review & ratings for further details.
- Low complaint level: Similar to State Farm, USAA maintains a low complaint level, indicating high customer satisfaction.
Cons
- Limited Accessibility: USAA is primarily available to military members and their families, restricting access for non-military clients.
- Slightly Lower Multi-Policy Discount: While offering a solid 15% multi-policy discount, it is slightly lower compared to some competitors.
#3 – Nationwide: Best for Bundling Discounts
Pros
- Bundling Discounts: Nationwide provides a substantial 25% bundling discount, making it an attractive option for those seeking to combine different insurance policies.
- A+ A.M. Best Rating: The A+ A.M. Best Rating reflects strong financial stability and reliability. Here’s the full review of Nationwide insurance review & ratings to discover more.
- Diverse Coverage Options: Offers a variety of coverage options, allowing real estate agents to tailor their insurance plans to specific needs.
Cons
- Higher Average Monthly Rate: With an average monthly rate for real estate agents, Nationwide may be on the higher side in terms of cost.
- Limited Innovation: Like State Farm, Nationwide may not be at the forefront of innovation and technology within the insurance industry.
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#4 – Progressive: Best for Innovation and Technology
Pros
- Innovation and Technology: Progressive is known for its commitment to innovation and technology in the insurance industry, providing real estate agents with cutting-edge solutions.
- High Multi-Policy Discount: Offers a substantial 30% multi-policy discount, encouraging clients to bundle various insurance products for significant savings.
- Safe Driver Discount: Provides a generous 30% safe driver discount, promoting and rewarding safe driving practices. Delve into our Progressive insurance review & ratings to gain a deeper understanding.
Cons
- Higher Monthly Rates: While offering discounts, Progressive might have higher average monthly rates, which could be a consideration for those on a tight budget.
- Mixed Customer Reviews: Some customers might have mixed reviews regarding customer service and claims handling.
#5 – Allstate: Best for Customizable Policies
Pros
- Customizable Policies: Allstate stands out for providing customizable insurance policies, allowing real estate agents to tailor coverage to their specific needs.
- High Bundling Discounts: Offers a substantial 25% bundling discount, making it an attractive option for clients looking to combine different insurance policies.
- Strong Safe Driver Discount: Provides a 20% safe driver discount, promoting safety on the road. See details in our Allstate insurance review & ratings to find out more.
Cons
- Average Complaint Level: While not high, Allstate may have an average complaint level, indicating that some customers might have experienced issues.
- Global Presence: While having a global presence can be a pro, it might also mean that the company is not as focused on local market intricacies.
#6 – Liberty Mutual: Best for Global Presence
Pros
- Global Presence: Liberty Mutual has a strong global presence, offering real estate agents broader coverage options and services.
- High Multi-Policy Discount: Provides a generous 35% multi-policy discount, incentivizing clients to bundle different insurance products.
- Solid Safe Driver Discount: Offers a 20% safe driver discount, encouraging safe driving practices. Browse through our Liberty Mutual review & ratings to find out more.
Cons
- Potentially Higher Rates: Liberty Mutual’s rates might be higher compared to some competitors, which could be a consideration for budget-conscious individuals.
- Customer Service Concerns: Some customers may have reported concerns about Liberty Mutual’s customer service and claims processing.
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#7 – Farmers: Best for Personalized Service
Pros
- Personalized Service: Farmers is known for providing personalized service, ensuring that real estate agents receive tailored insurance solutions.
- Multi-Policy Discount: Offers a 20% multi-policy discount, encouraging clients to bundle different insurance products for cost savings. Read our Farmers insurance review & ratings to uncover additional information.
- Diverse Coverage Options: Farmers provides a range of coverage options, allowing real estate agents to customize their insurance plans.
Cons
- Average Complaint Level: While generally low, Farmers may have an average complaint level, indicating that some customers might have experienced issues.
- Potential for Higher Rates: Farmers’ rates might be relatively higher for some clients compared to other competitors.
#8 – Travelers: Best for Risk Management
Pros
- Risk Management Focus: Travelers is known for its focus on risk management, offering real estate agents tools and services to mitigate potential risks.
- Multi-Policy Discount: Provides a 13% multi-policy discount, encouraging clients to bundle different insurance products for savings.
- Global Presence: Travelers has a strong global presence, offering real estate agents broader coverage options and services. Explore more in the Travelers insurance review & ratings to get a better grasp of overview.
Cons
- Slightly Lower Multi-Policy Discount: The 13% multi-policy discount is slightly lower compared to some competitors.
- Potentially Higher Rates: Travelers’ rates might be relatively higher for some clients, depending on individual circumstances.
#9 – Chubb: Best for Property Mastery
Pros
- Property Mastery: Chubb specializes in property insurance, making it an ideal choice for real estate agents looking for comprehensive coverage for their properties.
- Multi-Policy Discount: Offers a 20% multi-policy discount, encouraging clients to bundle different insurance products for cost savings.
- High-Quality Coverage: Chubb is known for providing high-quality coverage, ensuring real estate assets are well-protected. To learn more about their offerings, check out the Chubb insurance review & ratings.
Cons
- Potentially Higher Rates: Chubb’s rates might be on the higher side, which could be a consideration for budget-conscious individuals.
- Limited Global Presence: Chubb’s focus on specific markets might result in a limited global presence compared to some competitors.
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#10 – Hiscox: Best for SMB Emphasis
Pros
- SMB Emphasis: Hiscox places a strong emphasis on small and medium-sized businesses (SMBs), making it a suitable choice for real estate agents operating on a smaller scale.
- Multi-Policy Discount: Offers a 15% multi-policy discount, encouraging clients to bundle different insurance products for savings.
- Global Presence: Hiscox has a global presence, providing real estate agents with broader coverage options and services. For a comprehensive overview of agents, explore our relevant article titled “How much do insurance agents make?“.
Cons
- Limited Multi-Policy Discount: While offering a discount, Hiscox’s 15% multi-policy discount is lower compared to some competitors.
- Smaller Company Size: Hiscox, being focused on SMBs, may have limited resources compared to larger insurers.
The Significance of Business Insurance for Real Estate Agents
Business insurance is essential for real estate agents, offering protection against various risks and liabilities inherent in the profession. It safeguards your business, assets, and professional reputation by providing coverage for potential pitfalls.
Key aspects of business insurance include protection against professional mistakes through coverage such as professional liability or errors and omissions insurance, which guards against claims of negligence or errors. Additionally, property insurance covers damages to your real estate assets, while general liability insurance protects against bodily injury or personal injury claims.
Jeff Root Licensed Life Insurance Agent
Furthermore, business interruption insurance ensures continuity during disruptions, and workers’ compensation insurance demonstrates commitment to your team’s well-being. Overall, securing the right coverage is vital for mitigating risks and ensuring peace of mind as a real estate agent. Consulting with an insurance professional is key to tailoring coverage to specific needs.
Business Insurance Coverage for Real Estate Agents
As a real estate agent, protecting your business and assets is essential to ensure long-term success. Business insurance provides a safety net against unforeseen events and potential liabilities. Here are some key types of business insurance for real estate agents:
- Professional Liability Insurance: Protects against claims of negligence, errors, or omissions in your real estate services. It covers legal defense costs and settlements.
- General Liability Insurance: Covers bodily injury, property damage, or personal injury claims that may arise from your business operations or premises.
- Property Insurance: Safeguards your physical assets, including office space, equipment, and signage, against perils such as fire, theft, or vandalism.
- Workers’ Compensation Insurance: Provides coverage for medical expenses, showcasing how a medical discount plan can effectively lower your healthcare expenses, disability benefits, and lost wages if employees are injured or become ill on the job.
- Cyber Liability Insurance: Protects against data breaches, cyberattacks, or unauthorized access to client information, covering costs related to legal liabilities and notifications.
- Business Interruption Insurance: Helps cover lost income and necessary expenses if your business operations are temporarily disrupted due to covered perils.
By understanding and securing the appropriate business insurance coverage, you can mitigate risks and protect your real estate business from financial losses. Consult with insurance professionals to tailor your coverage to your specific needs and ensure comprehensive protection.
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Navigating the Expenses of Business Insurance for Real Estate Agents
The cost of business insurance for real estate agents can vary depending on several factors. Here are some key considerations that can influence the cost:
- Coverage Limits: The coverage limits you choose for your policy can impact the cost of insurance. Higher coverage limits generally result in higher premiums.
- Deductible Amount: The deductible is the amount you must pay out of pocket before your insurance coverage kicks in. A higher deductible can lower your premium, but it means you’ll have to pay more in the event of a claim.
- Business Size and Revenue: The size of your real estate business and its annual revenue can affect insurance costs. Larger businesses with higher revenues often require more coverage and may face higher premiums.
- Location: The location of your real estate operations can impact insurance costs. Areas prone to natural disasters or with higher crime rates may have higher premiums.
- Claims History: Your claims history, including the frequency and severity of past claims, can influence the cost of insurance. A history of previous claims may result in higher premiums.
- Type of Coverage: The specific types of coverage you choose, such as professional liability, general liability, property insurance, and workers’ compensation, will contribute to the overall cost. Each type of coverage carries its own premium considerations.
- Risk Profile: Insurance providers assess the level of risk associated with your real estate activities. Factors such as the types of properties you handle, the services you provide, and the number of employees you have can impact the cost of insurance.
The significant variation in monthly rates for business insurance among different providers for real estate agents underscores the importance of obtaining quotes from multiple specialized insurance providers.
Business Insurance for Real Estate Agents: Monthly Rates by Coverage Level & Provider
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| Allstate | $140 | $260 |
| Chubb | $145 | $265 |
| Farmers | $135 | $255 |
| Hiscox | $150 | $270 |
| Liberty Mutual | $130 | $250 |
| Nationwide | $125 | $245 |
| Progressive | $155 | $275 |
| State Farm | $135 | $255 |
| Travelers | $150 | $270 |
| USAA | $120 | $240 |
By comparing rates and leveraging the expertise of providers familiar with the nuances of real estate coverage, agents can secure comprehensive protection for both their business and assets, ensuring adequate coverage for both minimum and full coverage insurance needs.
Guide in Securing Business Insurance for Real Estate Agents
Obtaining business insurance for real estate agents is a straightforward process that involves a few essential steps. By following these steps, you can ensure that you have the right coverage to protect your business and mitigate potential risks. Here’s the eight step-by-step guide to help you navigate the process:
- Assess your needs. Evaluate the specific insurance needs of your real estate business, considering factors like the type of properties you deal with and the potential risks involved.
- Research insurance providers. Look for reputable insurance companies or brokers that specialize in coverage for real estate professionals. Seek recommendations and read customer reviews to ensure reliability.
- Get multiple quotes. Request insurance quotes online from several insurance providers to compare coverage options and pricing. Provide accurate information about your business to get accurate quotes.
- Review coverage options. Carefully review the coverage options offered by each provider, considering policy limits, deductibles, and additional endorsements or riders available.
- Understand policy terms. Read and understand the terms and conditions of the insurance policies, paying attention to exclusions, limitations, and any requirements you must fulfill.
- Consult an insurance professional. If needed, seek guidance from an insurance professional or broker to help you navigate the complexities and make informed decisions.
- Purchase your coverage. Select the insurance provider and coverage that best meets your needs, complete the necessary documentation, and make the required payments.
- Review and update annually. Regularly review your insurance coverage, especially when there are significant changes in your business, and update it as needed to ensure adequate protection.
By following these steps, you can obtain the necessary business insurance coverage to protect your real estate business effectively.
Remember that each real estate agent’s insurance needs are unique, so it’s essential to customize your coverage based on your specific situation.
Case Studies: Business Insurance Success Stories for Real Estate Agents
These case studies illustrate the importance of various types of insurance for real estate agents and agencies. Here’s a summary of each:
- Case Study #1 – Professional Liability Insurance: Sarah, a real estate agent, faced a lawsuit from a client due to alleged misinformation about property zoning. Her professional liability insurance covered legal expenses and protected her reputation and assets.
- Case Study #2 – General Liability Insurance: John’s real estate agency faced a lawsuit after a buyer slipped during an open house. His general liability insurance covered medical expenses and legal fees, preventing financial strain on the agency. For more detailed information on Commercial General Liability (CGL) Insurance, refer to our comprehensive guide.
- Case Study #3 – Property Insurance: Emily’s real estate office suffered fire damage, impacting her business operations. Property insurance covered repair costs and equipment replacement, enabling swift recovery and continuity.
- Case Study #4 – Workers’ Compensation Insurance: Michael’s agent, Lisa, was injured while showing a property, requiring medical treatment and time off work. Workers’ compensation insurance covered medical expenses and provided wage replacement, mitigating business risks.
These scenarios vividly illustrate the indispensable role of insurance in safeguarding real estate agents and agencies against a multitude of risks and liabilities. Each scenario underscores the proactive shield that various types of insurance provide, ensuring the long-term financial stability and operational continuity of real estate businesses.
Laura Walker Former Licensed Agent
By embracing insurance as a strategic investment, agents and agencies can confidently navigate the uncertainties of their profession and contribute to the sustained growth and success of the industry.
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In Brief: Protect Your Real Estate Business With the Right Insurance Coverage
In the fast-paced world of real estate, having the right insurance coverage is essential for protecting your business. By assessing your needs, researching reputable providers, and obtaining multiple quotes, you can customize a policy that suits your specific requirements.
Professional liability insurance safeguards you against claims of negligence, while general liability insurance covers bodily injury and property damage. Property insurance protects your assets, and workers’ compensation insurance provides support for injured employees. Obtaining business insurance for real estate agents doesn’t have to be complicated.
Melanie Musson Published Insurance Expert
By following a step-by-step process and regularly reviewing your coverage, you can ensure your business is well-protected. With comprehensive insurance coverage in place, you can focus on serving clients, growing your business, and thriving in the competitive real estate market.
Consult with insurance professionals to guide you through the process and ensure you have the right coverage for your business. Don’t leave your real estate business vulnerable—take the necessary steps to protect it with the right insurance coverage today. (Read more: How to Get Free Insurance Quotes Online).
To find cheap business insurance, enter your ZIP code into our free quote comparison tool below and get covered today.
Frequently Asked Questions
What are the key types of business insurance for real estate agents?
Business insurance for real estate agents includes professional liability insurance, general liability insurance, property insurance, and workers’ compensation insurance. These coverages protect against claims of negligence, bodily injury, property damage, and workplace injuries, respectively.
How can I determine the best insurance coverage for my real estate business among the top companies like State Farm, USAA, and Nationwide?
Our guide ranks the top 10 business insurance companies for real estate agents, providing insights into their coverage rates, options, discounts, and reviews. Compare quotes from these industry leaders to make informed decisions tailored to your business needs.
Get commercial insurance that doesn’t break your budget by using our free comparison tool below.
Why is business insurance important for real estate agents?
Business insurance is crucial for real estate agents as it provides protection against potential risks and liabilities in their work. It safeguards assets, operations, and professional reputation, offering peace of mind in the dynamic real estate market.
How can I navigate the expenses of business insurance for my real estate business?
The cost of business insurance varies based on factors like coverage types, business size, location, and claims history. Obtain quotes from multiple providers specializing in real estate comprehensive coverage to get accurate cost estimates tailored to your unique business circumstances.
What does professional liability insurance cover for real estate agents?
It covers claims of negligence or errors in professional services.
Why is general liability insurance important for real estate agents?
It protects against third-party injury or property damage claims. For more information, explore the related article in the comprehensive resource titled “Personal Injury Protection (PIP) Insurance: A Complete Guide“.
What are the essential steps to secure business insurance for real estate agents?
Our eight-step guide provides a comprehensive process for obtaining business insurance. Assess your needs, research reputable providers, and customize affordable coverage based on your situation. Regularly review your policy to ensure ongoing protection for your real estate business.
What factors influence the cost of business insurance for real estate agents?
Coverage types, business size, location, claims history, and provider.
Do real estate agents need workers’ compensation insurance?
Yes, if they have employees, it covers work-related injuries or illnesses.
How often should real estate agents review their business insurance coverage?
Annually or with significant business changes to ensure adequate coverage.
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Michael Leotta
Insurance Operations Specialist
Michael earned a degree in Business Management degree with an insurance focus, which led to a successful 25-year career in insurance claims operations and support. He possesses a high-level of business acumen across multiple areas of the insurance industry. Over the course of his career, he served in multiple roles supporting claims operations including: Claims Specialist, Claims Trainer, Claim Au...
Insurance Operations Specialist
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.