If you own or manage a real estate brokerage, it’s important to regularly review your insurance policy to ensure it meets your needs and adequately protects you and your brokerage. When reviewing your policy, there are three often-overlooked issues you may want to consider or raise with your insurance broker:

  1. Does your commercial general (third-party) liability insurance extend to cover REATLORS® who are independent contractors and not employees of the brokerage?
  2. Many insurance providers do not extend coverage to Realtors who are independent contractors and not employees. For example, your current policy may not respond if someone injures themselves at an open house hosted by a Realtor who is an independent contractor with the brokerage.

  3. Does your commercial general (third-party) liability insurance cover property management services, if applicable to your brokerage?

    If your brokerage provides property management services, it’s important to confirm that your insurance policy covers these operations, as many insurance providers do not.

  4. If your brokerage owns the building, do you insure the building on the same policy as the brokerage operations?

    Options can be limited when it comes to insurance providers who cover buildings and brokerage operations. For example, an insurer that offers good rates for your building coverage may not have a good rate – or any coverage at all – for your brokerage’s operations.

If you check with your current insurance provider and find they don’t have coverage that meets your needs in these areas, the Brokerage Insurance Program may be able to help. The Brokerage Insurance Program is an affinity program created by BCREA and Metrix Professional Insurance Brokers and offers coverage that extends to Realtors who are independent contractors and coverage for property management services. The program also offers property and crime insurance, which covers buildings, office contents and tenant improvements.

To learn more about the coverage options available through the Brokerage Insurance Program, or to request to speak to someone at Metrix about your insurance needs, complete the application here on REALTOR Link® (login required).

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