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Excess Liability/Umbrella Insurance
for Real Estate Agents
If you’re concerned that your general liability insurance limits aren’t high enough to cover your liability risks, don’t worry—it’s easy and affordable to add millions of dollars in coverage to your general liability policy.
Umbrella insurance, also called excess liability insurance, adds additional coverage amounts to your existing general liability insurance policy, as well as some other types of insurance you may carry, including employer’s liability and hired and non-owned auto insurance. For example, if you need $2 million in general liability coverage, but your policy is written for just $1 million, an excess liability insurance policy can be easily added to cover you for the additional million.
What You Need to Know
Regardless of whether your client requires you to carry high coverage limits, it’s a good idea to assess your real estate business’s risks and insure accordingly.
Let’s say that someone is injured while they’re touring one of your open houses, perhaps because of a fall on a slippery floor that you overlooked, or because you accidentally bump into them while they’re on the stairs. You get sued for $1.5 million, but your general liability policy only covers you for $1 million. If you’re ordered to pay, your excess liability policy would cover the additional $500,000. Otherwise, you’d be responsible for that additional amount.
Not sure how much coverage you might need? Ask the real estate insurance experts at Business Insurance Now for a free, no-obligation risk assessment.
It's important to note, however, that umbrella liability insurance does not extend the coverage limits on an errors and omissions or professional liability policy. If you're concerned about whether you have enough professional liability coverage, the licensed agents of Business Insurance Now are happy to help you determine appropriate coverage limits for your management consulting business.
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Excess Liability Tips
- If you’re not sure just how much general liability insurance you really need, ask the Business Insurance Now real estate insurance experts for a free risk assessment.
- Umbrella insurance is surprisingly affordable: You can add increments of $1 million in coverage to your underlying insurance policies for just a few hundred dollars annually.
- To smooth out coordination of benefits in the event of a claim, many real estate agents purchase their umbrella insurance from the same agency that handles their underlying business insurance policies.