In 2019, Indiana had approximately $6,780,466,000 in commercial insurance claims alone. Protection for your business is essential to avoid financial ruin. Real estate firm insurance can help protect your day-to-day operations.
An independent insurance agent will be able to quote your coverage with several carriers for affordable rates. They work on your behalf at no cost so that you pay less. Connect with a local expert for details in minutes.
What Is Real Estate Firm Insurance?
Real estate firm insurance in Indiana will protect your liability, property, and more. There are numerous policy options you can obtain depending on how your business is run. Check out what real estate firm insurance can cover.
- Bodily injury
- Errors and omissions
- Property damage
- Employment practices
- Employee injuries or illness
- Theft and vandalism
What Does Real Estate Firm Insurance Cover?
In Indiana, there are roughly 512,348 small businesses in operation. When you run a real estate firm, you'll be required to carry errors and omissions insurance by law. Every other policy may not be mandated but absolutely necessary for proper coverage.
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.
How Much Is Real Estate Firm Insurance in Indiana?
When it comes to pricing insurance for your real estate firm, exact costs will vary. There are several criteria points that carriers use to quote your coverage. Some you can control, while others are outside elements. 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
Another way to cut costs is by bundling your business policies. When you put all of your coverage with the same carrier, they reward you with discounts. A savings of 30% or more is typical.
Will My Property Locations Impact My Rates?
Where your real estate firm is located in Indiana will impact your costs. Insurance companies quote your policies base on location and risk associated with the area. 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
If your office is in a high-risk flood zone will also play a role in your costs. When you are assigned zone A or V, you'll be required to carry flood insurance. This means you're more liable to have a flood claim, and lenders will make it mandatory.
How an Independent Insurance Agent Can Help
The right protection for your operation can mean the difference in a claim paid by you or the carrier. Without proper coverage, you could be out thousands of dollars or worse. Real estate firm insurance in Indiana has many moving parts and should be reviewed by a professional.
Fortunately, an independent insurance agent can help with policy and premium options through their network of carriers. They do the shopping on your behalf at no cost so that you can save even more. Connect with a local expert on TrustedChoice.com for quotes today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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