Real Estate Insurance in Arizona
The real estate industry can be exciting, fast-paced, and on-the-go especially in times when the real estate market is on the rise. This makes it a fun and profitable profession, but at the same time increases the likelihood for insurance claims against real estate professionals. Whether you work in Phoenix, Tucson, Mesa, or anywhere in between, if you work in Arizona odds are 98+% of real estate professionals invest in various insurance policies to manage their exposure. Below we explain the 3 main types of real estate insurance and how working in Arizona may be different.
Types of Real Estate Insurance in Arizona
There are 3 main types of insurance for real estate:
- errors and omissions
- cyber liability
- general liability insurance
Although errors and omissions insurance is not mandated by Arizona, E&O insurance is often required by another authority such as your real estate franchise or bank partners. Regardless of whether it is actually mandatory, common sense or past experiences often make signing up for errors and omissions insurance in Arizona an obvious choice.
Errors and Omissions Insurance in Arizona
Just as the name would suggest, errors and omissions insurance covers errors and omissions made by real estate professionals working on behalf of a real estate brokerage. Specifically, E&O typically covers situations like not disclosing relevant information about the property, or not showing a property to a prospective buyer to even bodily injury or damage that could happen during a showing. In general terms, broadform E&O policies protect both the brokerages and individual real estate agents if they’re sued by a client because of a mistake they’ve made related to transactions in real estate.
Errors and omissions insurance for real estate often covers defense costs, legal costs, and court costs related to a claim.
Cyber Liability Insurance for Real Estate in Arizona
Cyber Liability Insurance for real estate is a relatively new type of insurance policy in Arizona that is designed to protect businesses from both 1st and 3rd party risks associated with cyber attacks and fraud. Real Estate professionals are a prime target for these types of attacks, because real estate deals involve complicated, multi-party, high value transactions and sensitive personal data.
First party Cyber Liability policies cover the real estate agent directly and include things like Cyber Extortion, Electronic Transfer Fraud, Deceptive Funds Transfer, and Telephone Tolls, to name a few. Direct coverage is important, but from what we have seen are rarely the reason why real estate professionals decide to purchase cyber liability policies. It’s the 3rd party protection that is usually the consideration, because that coverage would protect the vendor/partner or clients and in real estate deals, this is where the majority of the money is.
General Liability Insurance for Real Estate in Arizona
General Liability Insurance or business liability insurance is a common type of coverage in any industry that protects businesses from claims resulting from normal business operations not specifically related to the real estate industry.
Specifically, General Liability Insurance in Arizona will cover personal and advertising injury, damage to properties that are rented to your business, as well as, bodily injury or medical claims, and other common business liability exposure.
Finding the Right Partner
Navigating the regulations and designing a comprehensive policy for real estate professionals requires finding a partner with the right knowledge and experience. At PBI Group, we have written over 50,000 real estate E&O policies for thousands of real estate companies throughout the 50 states. For Cyber Liability insurance, a comprehensive plan specifically for real estate professionals doesn’t yet exist and the risks are changing and evolving constantly. PBI Group is committed to researching and working with carriers to create the best plan.
PBI Group is founded on the principles of trust, partnership, fanatical service and, most of all, industry leading E&O coverages. We do what we do because we believe there is a better way to buy professional liability insurance than online portals with cheap premiums and minimalist coverage. When your policy comes up for review, don’t just accept your renewal quote without finding out the benefits that come along with best.
RECOGNIZE ANY OF THESE RESPECTED REAL ESTATE PROFESSIONALS?We Love our Clients!
Paul and Rachel make sure to communicate and take care of us for our real estate E&O insurance. They are prompt and provide all the necessary paperwork so I don’t have to worry.
It has been a superb experience with PBI group. Paul Bondy has provided us with exceptional support and guidance over the past five years. Premiums are very competitive and renewals straightforward; easier than most others. Highly recommended!
Every year filling out applications for E&O insurance forms is a painful, time-consuming venture. But this year, Paul made this whole process much easier, and less time-consuming. His knowledge of the real estate E&O insurance industry was quite helpful. He answered all of my questions and guided me through the pitfalls of each carriers’ plan. I will be looking forward to working with Paul again next year.
Fast, efficient, and excellent client service! An affordable E&O insurance policy from a real estate agency that I can highly recommend.
Paul and his team at PBI Group have always provided us with the most cost-effective E & O coverage and Cyber Insurance liability insurance policies.. They always answer any questions we might have.
Working with Paul and Rachel at PBI Group for my E&O insurance has been a pleasure! They are so responsive, helpful and kind. They really know all things E&O insurance for New York and we feel like we are in great hands – they don’t skip a beat! Thank you!
Paul and the PBI Group responded promptly to my request for an E&O insurance quote, and the subsequent questions I had. Their quote was also the most competitive by price, and the policy had more features than the competition. I recommend them to all Arizona real estate agencies that are in need of real estate E&O insurance.
Great Company been dealing with Paul for years and years. Very friendly and helpful for my real estate E&O insurance.
I don’t know how I found Paul Bondy, but I have been happy with his service & his most accommodating attitude since I was first in contact with him. I originally dealt with Paul at his prior company. A couple of years ago, I called to get a new E&O quote and found out that he was no longer there. I was unable to get anyone to tell me where Paul went. I liked him so much that I was in hot pursuit of him. After a lot of effort & searching on the internet, I found several Paul Bondy’s in the White Pages & called each one until I reached him at PBI Group. I have just placed my E&O coverage with Paul again and was very glad I found him. Paul is a good man with lots of patience, and he is very thorough. I am a satisfied client.
We have dealt with PBI Group for years for our real estate E&O insurance for our New Jersey agency, and feel comfortable with you knowing that you are an experienced insurance source, and are available to discuss any concerns regarding coverage. We are pleased with your recent E&O quote.
”Paul was extremely professional, and took the time to explain all aspects of the coverage. He wanted me to have the best coverage, even if it meant going with another agency. I recommended him to one of colleagues already.”
It is always an easy process getting real estate E&O insurance quotes with Paul and their rates are the most competitive I’ve found. They always respond to questions quickly and their follow-up is fantastic!
The experience is great to secure my E&O insurance for my real estate agency. Paul and Rachel were always available for questions about my E&O insurance. The process was quick and easy.
Paul Bondy and PBI Group have been our go-to for real estate E&O coverage for many years. We always get the best coverage with fair premiums. On the rare times when we had a potential claim, they were there for us.
We have used Paul & PBI Group for our E&O Insurance for several years. He answers his phone or gets right back to you when called. This is so important when we have an E&O or Cyber situation we are unsure of and need a quick response. We also appreciate him talking with our agents concerning the problems that can result in an E&O claim claim. Highly recommend them for E&O insurance real estate brokerages.
Paul at PBI Group has handled my E&O insurance since I started my Alabama real estate company. Always responsive, treats my little company like I’m special.
I highly recommend Paul Bondy and PBI Group for your E&O insurance needs. I have been working with Paul for a few year, and he has been very responsive, eager to help me understand the E&O application process, and get the best rate for my company. As a person that makes a living selling commercial real estate, I can easily recognize talent. Paul was very easy to work with and knowledgeable about the E&O products. Talent is not only providing a customer a product, but it is conveying a sense that you are working with a professional, and therefore will achieve your desired results
I have found Paul at PBI Group to be far more knowledgeable about the opportunities to insure my agents for the needs of a real estate brokerage that does both general brokerage and small-scale development and/or building. I would encourage anyone who experienced a lack of interest from other insurance brokers and carriers to speak with him about real estate E&O insurance.
It is always a pleasure to work with PBI Group to obtain my real estate E&O insurance for my Texas agency. Mr. Paul Bondy is very knowledgeable about the products and our company, assists me every time I call, and prompt in handling any and all issues. He, along with PBI Group, makes my job much easier.
Great job on my real estate E&O insurance.
