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Errors & Omissions
Who is Covered?
Your business, your agents, and yourself. As long as the transaction is conducted under your broker license, the policy provides coverage.
What is Covered?
This policy offers protection against certain lawsuits if you're accused of making an error in your work.
When Does Coverage Apply?
Claims-made policies only cover incidents that occur and are reported within specific time frames. The incident must take place between the policy's "retroactive date" and its "expiration date." It must then be reported either during the active policy period or within the "extended reporting period" after the policy ends. Both conditions must be satisfied for the claim to be valid.
How is the Premium Calculated?
Premiums are primarily based on your annual revenue and the number of transactions. Additional factors include any claims made in the last five years, the number of agents operating under your broker license, the types of transactions, and your years in business.
Example of a Claim
A sublessee filed a lawsuit against their real estate agent, alleging breach of contract, negligent misrepresentation, and breach of fiduciary duty. The claim arose after the sublessee was forced to vacate the property for not using it as intended. The sublessee argued that the agent failed to review the master lease, did not inform them that the master lessor’s approval was required, and did not disclose that the sublessor was not the actual property owner.
General Liability & BOPs
What is covered?
General liability insurance protects your business from claims related to bodily injury, property damage, personal injury, and false advertising.
What is not covered?
General liability insurance doesn’t cover damages to your own property, employee injuries, or professional errors, which require separate policies like property, workers' compensation insurance, and professional liability.
What is a BOP?
A Business Owner’s Policy combines general liability and commercial property coverage, making it ideal for protecting businesses with a physical location, equipment, inventory, and/or customer interactions.
Example of a claim:
A client slips on a wet floor in your office, sues for medical expenses, and your insurance covers the costs and legal fees.
Cyber Liability
What is covered?
A wide range of cyber threats, including data breaches, ransomware, extortion, data restoration, and business interruption. It also covers liability costs for third-party claims, regulatory fines, and penalties related to privacy laws. Additionally, it can cover expenses associated with public relations and media liability following a cyber incident.
Who needs it?
Any business that handles sensitive customer data, relies on digital systems, or faces potential cyber threats should consider cyber insurance. This includes small to medium-sized businesses, healthcare organizations, financial institutions, and retail companies, all of which are at high risk of cyberattacks.
Example of a claim:
A company might experience a ransomware attack where hackers encrypt their data and demand a ransom for its release. The insurance policy would cover costs related to negotiating and paying the ransom, recovering lost data, and any business interruption that occurred during the incident. It may also cover liabilities if sensitive customer data was compromised.
Workers Compensation
What Is Workers' Compensation Insurance?
Workers' compensation insurance provides financial benefits to employees who suffer work-related injuries or illnesses, covering medical expenses, lost wages, and more.
Do 1099 Employees Need Workers' Compensation Insurance?
Typically, 1099 contractors do not require coverage unless state law specifies otherwise. However, including them in your policy may help protect your business in the event of an incident.
Do I Need Workers' Comp Insurance?
Most states require workers' comp insurance for businesses with employees. It helps cover work-related injury claims.
How is the premium calculated?
Premiums are based on factors like industry, payroll, and claims history.
Bonds - Escrow
Who Needs a Bond?
Escrow agents offering services such as managing and depositing escrow payments, are required to secure surety bonds. These bonds ensure that the escrowed funds or property are properly delivered to the designated grantee, following specific terms and conditions of the agreement.
How long is a surety bond valid?
The duration of a surety bond varies based on the bond type and the obligee's (the entity requiring the bond) requirements. Generally, surety bonds are issued for a one-year term and must be renewed annually. However, some bonds may cover multiple years or align with the length of a contract or license. It’s essential to review your bond agreement for specific details on its validity and renewal conditions.
Is a surety bond refundable?
No, surety bond premiums are non-refundable once paid, as they cover the risk assumed by the surety on behalf of the principal.
What happens if a claim is made on a surety bond?
If you fail to meet your obligations, a claim can be made against the bond. After an investigation, if the claim is valid, the surety pays the obligee up to the bond's limit. You, as the principal, must then reimburse the surety for the amount paid.
How much does a surety bond cost?
The cost of a surety bond is influenced by several factors, including the bond type, bond amount, the principal's credit score, and risk level. Premiums typically range from 1% to 15% of the bond amount. Improving your credit score and choosing a reliable surety bond provider can help lower costs.
Factors impacting surety bond costs:
Bond Type: High-risk bonds come with higher premiums.
Bond Amount: Larger bond amounts result in higher premiums.
Credit Score: A higher credit score can lower your premium.
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