When your business is the buying and selling of properties, your customers rely on your judgment for a lot of important decisions. Not only do you need to be able to give them accurate information about properties and the positions of each seller, but most clients also depend on your judgment and your assessment of the current marketplace for at least some of their decisions. That makes the right professional insurance for real estate agents and brokers very important to the protection of your business, but which one do you need? Brokers and agents do not need the same coverage options or limitations.
Upgrading Your Business Insurance
According to Highland Risk, brokers require more comprehensive and wide-ranging coverage than agents do. That’s because real estate brokers take on more professional risks than their agents, who are essentially salespeople working under them. Brokers are responsible for the agents under them, shielding them from certain kinds of liability. The exact coverage a broker needs is quite variable, it changes according to their need for property insurance for an office site as well as the size of the team of agents operating under them. In addition to E&O coverage that reflects their role, brokers generally also need to carry general liability insurance like other business owners.
In the construction industry, you have to be careful. There are hazards that other industries do not have to deal with. Here is what you need to know about builders’ risk insurance and contractor’s general liability insurance. Builders and contractors need specific insurance solutions for the circumstances that they work in.
What Is Builders Risk Insurance?
When you work in the construction industry, there are insurance policies that will protect you. If you visit www.sboneinsurance.com/, it explains how builders risk insurance covers the contractor’s materials, property, and equipment. This coverage may help in the cases of:
It’s important to check your policy in advance to find out what is covered.
What Is Contractors General Liability?
The negligence for the builder’s risk falls under general liability insurance. These policies protect against accidents and any liability that you may have due to accidents. If you’re in the construction industry, then odds are you need general liability insurance for construction workers. In the construction industry, you are more likely to have risks of:
This makes your need for insurance coverage crucial. It is particularly important to have specialized coverages.
When you work in the construction industry, there are inherent risks that you will not find in other industries. This is why it’s crucial to have coverages that take builders’ risk into account.