Insurance for a real estate agent: what you need + typical cost.

For your business: A BOP bundles GL + Property; useful if you have an office. Many agents operate from home and may not need property coverage.

What it covers in general: A Business Owners Policy bundles General Liability and Commercial Property into a single, discounted policy. Often includes business interruption insurance as well.

Typical annual cost: $750–$1,800 (median $990) · Insureon, Small Business Insurance Cost

For your business: Client injuries at open houses or during showings create GL exposure. Also covers advertising injury claims.

What it covers in general: Covers claims of bodily injury or property damage that your business causes to others — a customer slipping in your shop, or a contractor accidentally breaking a client's window.

Typical annual cost: $500–$1,560 (median $540) · Insureon, General Liability Cost

For your business: E&O is the central policy for real estate agents — failure to disclose, misrepresentation, and transaction errors are common claims.

What it covers in general: Covers claims that your professional advice, service, or work product caused a financial loss to a client — also called Errors & Omissions (E&O) or malpractice insurance.

Typical annual cost: $700–$1,500 (median $876) · Insureon, Professional Liability Cost

For your business: Required if you employ assistants or staff. Most agents are independent contractors under a broker.

What it covers in general: Pays for medical expenses and lost wages if an employee is injured or becomes ill because of their job. Also protects your business from employee lawsuits over workplace injuries.

Typical annual cost: $1,200–$8,000 (median $2,500) · Insureon, Workers Compensation Cost

For your business: If you have a dedicated office with significant equipment, property coverage is worth adding.

What it covers in general: Covers your physical business assets — building (if you own it), equipment, inventory, and furniture — against fire, theft, vandalism, and certain weather events.

Typical annual cost: $970–$1,570 (median $1,270) · Insureon, Commercial Property Cost

For your business: Real estate transactions involve sensitive financial and personal data. Wire fraud and data breach are growing risks.

What it covers in general: Covers losses from data breaches, ransomware attacks, and cyber fraud — including notification costs, credit monitoring for affected customers, legal fees, and regulatory fines.

Typical annual cost: $1,440–$2,160 (median $1,800) · Insureon, Cyber Liability Cost

For your business: If you use your vehicle extensively for client transport, a commercial auto endorsement on your personal policy may be needed.

What it covers in general: Covers vehicles used for business purposes — work trucks, vans, cars driven to client sites — against accidents, liability, and damage. Personal auto policies specifically exclude commercial use.

Typical annual cost: $1,760–$2,940 (median $2,350) · Insureon, Commercial Auto Cost

For your business: High-value transactions mean high-value disputes; an umbrella adds protection above E&O limits.

What it covers in general: Adds an extra layer of liability coverage above your GL, Professional Liability, and/or Auto limits. Pays claims that exceed your primary policy limits.

Typical annual cost: $750–$1,500 (median $1,030) · Insureon, Umbrella Liability Cost

If I missed a defect during a showing and the buyer sues, does E&O cover the difference?

Yes. The E&O claim trigger is 'a real or alleged error in the performance of professional duties.' The buyer sues you for the diminished property value or remediation cost; E&O pays for defense and any settlement. Average claim: $25K-$75K for major missed defects (foundation, mold, water damage).

Is my brokerage's E&O coverage enough, or do I need my own policy?

Brokerage policies typically cover the agent up to a sub-limit (often $250K-$500K) and have shared aggregates (your claim eats from the same pool other agents use). Top producers and team leaders should carry a personal E&O 'excess' policy that adds $1M-$2M on top of the brokerage policy.

What about discrimination or fair-housing claims — is that the same coverage?

Most E&O policies exclude or sub-limit discrimination claims. Some carriers offer a 'fair housing' rider for $200-$500/year that adds explicit coverage. If you actively work with rental clients or property management, this rider is essentially required.