Source: Royalty-free stock photo ID: 402629167, Shutterstock
Being 100% online confers many benefits, including:
- Time savings: quote and buy office insurance in just ~5 minutes on your phone, tablet or laptop.
- Dollar savings: no underwriter means the cost to provide a policy for your office is more cost efficient, allowing us to pass the savings onto you in the form of a less expensive policy.
- No need to discuss, print, sign, scan or fax anything.
- More environmentally friendly (paperless).
What is business insurance, exactly?
Business insurance (or office insurance / workplace insurance) allows you to know that your business is protected if you ever suffer a covered loss. As a real estate agent with an office, you are at risk. The cost to transfer the risk to insurance is low compared to the expense of an actual theft, fire, client slip & fall at your office or other unfortunate incident.
Let's look at some examples of real estate business accidents and unfortunate events:
Real estate agency fire 🔥 (2019)
In 2019, a fire destroyed the office of a commercial real estate firm.
Under Front Row's workplace insurance policy, all office equipment would have full replacement cost coverage for theft, damage, fire and loss of use.
Tenants Legal Liability (TLL) covers you (the insured) for legal liability in cases where the tenant causes damage to the rented property. If you rent a portion of an office in a building and you have a fire, then your TLL will cover the damages to the area you occupy.
Real estate company employee theft (2013)
A major city's gazette reported in 2013 on an employee of a real estate company who had stolen more than $50K from the firm. This person was the sole employee responsible for handling & recording cash payments and depositing funds into the bank. She had been collecting these payments, but not depositing the full amounts into the company's bank accounts.
Crime coverage can be added onto any office insurance policy. This coverage extends to crime losses that are not insured under the basic office policy. Briefly described, commercial crime insurance covers money, securities and other property against a variety of criminal acts, such as employee theft, robbery, forgery, and computer fraud.
Real estate agency fire 🔥 (1990)
In 1990, another fire completely destroyed the office of a real estate agency, along with several other offices. At the heart of a real estate business is its records, and the fire destroyed 30% of the firm's records and the remainder sustained smoke & water damage.
Under Front Row's workplace insurance policy, all office records would have data recovery funds available to recreate the lost information.
How can workplace insurance/office insurance help real estate agents?
PROTECT your real estate business in the case of a lawsuit: Commercial General Liability coverage is designed to protect against all sums that you may become obligated to pay for bodily injury, property damage or personal injury to third parties arising out of your business operations. It includes the cost of a lawyer to defend you.
PROTECT your data from hackers: If you’re a real estate agent, your livelihood is linked to your computer; you likely have accounting and client personal information on it. If you suffer a hack, your insurance can help you manage the costs associated with the loss. Front Row's office insurance policy includes $10K to cover a hack, at no additional cost.
PROTECT your equipment: What if your laptop was stolen or damaged in some way? Unlike our competitors, under Front Row's office insurance policy, all your equipment has full replacement cost coverage for theft, damage, fire and loss of use.
PROTECT your real estate business by purchasing Business Insurance online! Obtain a fast online quote and buy a policy online in just ~5 minutes, 24/7:
About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides online workplace insurance for a very low cost, available to quote and buy online 24/7 in just a few minutes (with no minimum premium). Should a claim occur, Front Row works diligently with clients and insurers to expedite payment of claims. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.
DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your broker for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.