-California Real Estate Firms-
Don’t Overpay for Your E&O Renewal
California real estate agents pay the most out of any state for their E&O insurance coverage. Besides it being expensive, your carrier options are limited and your coverage language is restricted. Before you renew, take a moment to explore your options. At PBI Group, we specialize in real estate E&O coverage designed specifically for California brokerages* — with broader protection, more flexibility, and often lower premiums.
* our carrier is based out of California 🙂
Real Estate Insurance in California
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 Palo Alto, Newport Beach, Santa Monica, Laguna Beach, Pasadena or larger cities like Los Angeles, San Diego and San Franciso, if you work in California 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 California may be different.
Types of Real Estate Insurance in California
There are 3 main types of insurance for real estate:
- errors and omissions
- cyber liability
- general liability insurance
Errors and omissions insurance for real estate agents in California is a must to have. 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 California an obvious choice.
Errors and Omissions Insurance in California
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 California
Cyber Liability Insurance for real estate is a relatively new type of insurance policy in California 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 California
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 California 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!
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!
Paul, thank you so much for your excellent service. Your E&O insurance premiums were lower than all your competitors, which is of great importance in this economy. You were helpful throughout the process and took a great deal of the workload off of my shoulders. Thanks again.
Paul at PBI Group was great to work with and very helpful with our real estate E&O insurance, as we are a relatively newer real estate company.
Even though I told Paul I was not expecting to switch E&O carriers, he offered to help for free by just explaining more about the policy we were buying through somebody else. His information was very helpful and he did not push us to make a change…just provided us with professional information. He offered to see if he could provide a better policy and he was able to come up with a dramatically better one at close to the same cost. I’ve already learned a lot from him as he is a wealth of information and very helpful. I wasn’t looking to be impressed, but I was.
My real estate E&O insurance was conducted very efficiently and effectively.
I have been with PBI Group for my Real Estate E&O insurance policy for better than 10 years. Their service and knowledge are unmatched. They have always been there when I needed them and are great communicators. When i call if they don’t immediately answer they call me back right away. I wouldn’t take my real estate brokerage E&O insurance business any other place.
What a great experience working with Paul. Paul was always available to answer any of my real estate E&O questions. I felt like I was part of his family. Anyone looking to purchase insurance without hesitation, call Paul Bondy
Paul & Rachael at PBI Group are wonderful to work with! They answered any questions we had about our real estate E&O insurance renewal process, differences in coverage, etc. Both were great in communication by phone and email. The guidance throughout this whole process was extremely helpful and very much appreciated. Paul is very knowledgeable about real estate E&O insurance in California.
