Best Real Estate Agent Business Insurance

NEXT is our top pick for the best small business insurance for real estate agencies due to a combination of affordability, customer service and coverage options. We found that it offers comprehensive financial protection starting at around $51 monthly for real estate professionals and brokers. We also recommend comparing quotes from our other top picks, including The Hartford, biBERK, Simply Business and Hiscox, to find the best fit for your real estate business.

Note: We based all scores on a real-estate business with two employees across professional liability, general liability, workers' comp and BOP policies.

NEXT offers the most affordable real estate business insurance at $51 monthly ($609 annually), with the cheapest rates for workers' compensation and general liability insurance. For business owner's policies, biBERK provides the most budget-friendly option for realtors and real estate brokers at $30 monthly, while The Hartford leads in professional liability coverage at $113 monthly.

NEXT provides the cheapest general liability insurance for real estate agents and brokers at $22 monthly ($266 annually). It saves realtors around $31 monthly compared to the $53 industry average, cutting your annual costs by nearly 60%. Real estate agencies benefit from NEXT's competitive rates while maintaining the coverage needed for client meetings, property showings and broker agreements.

Real estate agencies looking for the most affordable workers' compensation insurance can get coverage through NEXT for just $28 monthly. The Hartford matches NEXT's competitive pricing at $28 monthly, providing realtors with an excellent alternative for protecting employees during showings, open houses and daily office work.

Real estate brokers can get the most affordable professional liability insurance through The Hartford for $113 monthly ($1,350 annually). That's 10% lower than the $125 industry average, putting $12 back in your pocket each month. NEXT follows at $117 monthly, with Progressive Commercial at $118 monthly.

Real estate agencies bundling general liability with property coverage get the most affordable BOP insurance through biBERK at $30 monthly ($363 annually). That's 61% below the $79 industry average, leading to $49 in monthly savings for realtors. NEXT comes in second at $34 monthly, while The Hartford offers coverage at $55 monthly.

In general, real estate business insurance costs are the following for the four most popular coverage types:

• General Liability: $53 on average per month, ranging from $41 to $62, depending on the state
• Workers' Comp: $30 on average per month, ranging from $26 to $35, depending on the state
• Professional Liability (E&O): $125 on average per month, ranging from $108 to $145, depending on the state
• BOP Insurance: $79 on average per month, ranging from $60 to $91, depending on the state

The required coverages for real estate agents include workers' compensation in most states, while professional liability and general liability insurance meet brokerage and client contract requirements. Real estate professionals need additional coverage types based on their specific operations, the property values they handle and their team size.

• Workers' Compensation Insurance: Most states require workers' compensation once you hire employees. This coverage protects your real estate agency when an assistant injures their back moving files or an agent trips on office stairs while preparing for showings. It covers medical bills and lost wages, keeping you compliant while protecting your team from injuries during property tours and daily office work.
• Professional Liability Insurance (E&O): Fourteen states mandate real estate E&O insurance for licensure, and most brokerages require it regardless of location. It protects real estate agents from claims like failing to disclose foundation issues, miscalculating property square footage or missing critical contract deadlines that cost buyers thousands. Standard coverage of $1 million per occurrence shields Realtors from costly lawsuits over professional mistakes.
• General Liability Insurance: Landlords and clients often require proof of general liability before working with your real estate business. It covers scenarios real estate agents face regularly: clients slipping during rainy open houses, accidentally breaking expensive decor while staging properties or knocking over heirloom vases during showings. Most Realtors carry $1 million per occurrence and $2 million aggregate limits.
• Business Owner's Policy (BOP): A BOP bundles general liability with commercial property insurance at a discount, protecting your computers, client files and office furniture. Real estate brokers benefit from business interruption coverage, which replaces lost income when burst pipes flood your office or fire damage forces you to relocate during peak selling season.
• Commercial Auto Insurance: Required if your real estate agency owns vehicles, this coverage protects company cars you use for property showings and client meetings. Realtors should consider hired and non-owned auto coverage if agents drive personal vehicles for business, protecting your agency when an agent rear-ends someone while rushing to a closing appointment.
• Cyber Liability Insurance: Real estate agents store buyer financial records, Social Security numbers and wire transfer details that hackers target. Cyber insurance protects your brokerage when criminals breach your email to redirect closing funds or steal client data from your database. Coverage handles notification costs when you must alert 200 clients about compromised information.
• Commercial Umbrella Insurance: Umbrella insurance provides additional liability protection when a serious claim exceeds your standard $2 million limits. Real estate brokers working with luxury properties or managing teams of 10+ agents should consider umbrella coverage starting at $1 million. This protects your personal assets when a severe client injury lawsuit exceeds your general liability limits.

Our step-by-step method for getting business insurance balances affordability with comprehensive coverage for your real estate agency.

Real estate agents need professional liability, general liability, workers' compensation and cyber insurance to protect their business from disclosure lawsuits and data breaches. NEXT earned our top ranking for real estate business insurance, offering the best combination of affordability and customer service with coverage starting at $51 monthly. Compare quotes from multiple providers to find the right protection for your brokerage's needs.

We answer frequently asked questions about real estate business insurance:

We selected the best business insurer for real-estate companies based on the following criteria:

• Affordability (50% of score): The lower a company's costs compared to the competition based on our base profile for four core coverage types, the better the company performs.
• Customer service (30% of score): We scored providers on overall customer satisfaction using industry studies, customer review forum ratings and public forum sentiment analysis from sites like Reddit.
• Coverage (15% of score): We scored business insurance providers for this category based on the flexibility, payment and actual coverage options.
• Financial stability (5% of score): Using financial stability industry ratings from companies like AM Best and Moody's, we created an overall rating to judge how likely companies are to pay out claims compared to the competition.

All pricing in this article is based on the following base profile to represent the vast majority of small businesses in all states:

• Three-person business with two employees
• Coverage: $1 million per occurrence and $2 million total per year for all but BOP, which includes the same coverage plus $5,000 of business property coverage
• $150,000 in payroll
• $300,000 annual revenue