Illinois Real Estate Firm Insurance
How to connect with a local agent
Written by
Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
In Illinois, there are approximately 1,200,000 small businesses in operation. When you own a company, there are several exposures you'll need to cover. Real estate firm insurance will have many moving parts and should be reviewed for accuracy.
Fortunately, an independent insurance agent can help with coverage and premium options. They do the shopping on your behalf so that you can save time and money. Connect with a local adviser to get started today.
What Is Real Estate Firm Insurance?
When you own a real estate firm in Illinois, there are specific policies you'll need to obtain. Some are required by law, and others are just good to have. While your coverage will be different from others around you, there are still primary policies that are standard. Check out what real estate firm insurance can cover.
- Bodily injury
- Errors and omissions
- Property damage
- Employment practices
- Employee injuries or illness
- Cybercrime
- Theft and vandalism
What Does Real Estate Firm Insurance Cover?
In Illinois, every business will have its own unique set of policies. There are primary coverages your real estate firm will want to have for adequate protection. Errors and omissions insurance will be required by state law when you are a real estate firm and if you own an insurance agency.
Real estate firm insurance options
- Errors and omissions insurance: Pays for negligence, personal injury, and consulting lawsuits of a client.
- General liability insurance: Pays for bodily injury or property damage claims where you and your employees are responsible.
- Business interruption: This will pay for regular business expenses when you are temporarily shut down due to a covered loss.
- Commercial property insurance: Pays for building, equipment, and inventory damage from a covered loss.
- Crime insurance: Pays for a claim involving forgery, fraud, or theft to your company.
- Commercial auto insurance: Pays for an auto accident involving a company vehicle.
- Workers' compensation insurance: Pays for an employee's medical expenses resulting from an injury or illness on the job.
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How Much Is Real Estate Firm Insurance in Illinois?
Your business insurance rates will vary. Carriers use criteria that are specific to you and your operation when figuring your pricing. The top factors companies look for when it comes to your real estate firm are the following.
- Prior claims reported
- Number of years in the industry
- Operation practices for transactions
- Business practices as a Firm
- If you have employees
- The value of property owned
- Hours of operation
- Financial practices as a firm
- Location
While you won't know your exact premiums until you get quotes, you can at least be prepared. Another item to run past your agent is bundling. When you bundle all of your business policies with the same carrier, you'll receive a discount.
Will My Property Locations Impact My Rates?
In 2019, Illinois had $16,998,439,000 in commercial insurance claims paid. Part of those was property related and impacted your future costs. The location of your real estate firm will affect how much you spend. Check out what territory factors carriers use when rating your policies.
- Local crime rate
- Local natural disasters reported
- Local claims reported by other insureds
- Flood zone assigned
Another area to look for is your risk of flooding. The flood zone your office is located in will also affect your premiums. If you're in a high-risk zone, you'll be required to carry flood insurance, costing you more money.
How an Independent Insurance Agent Can Help
Protection for your business is a primary concern for any owner. Sometimes you don't know what you don't know and could use the help of an expert. When it comes to insuring your real estate firm, be sure you're obtaining all the right coverages.
An independent insurance agent can help with policy options that make sense. They work on your behalf at no cost so that you can focus on other things. Connect with a local adviser on TrustedChoice.com for custom quotes.