Real Estate Insurance in Colorado
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 Denver, Colorado Springs, Aurora, or anywhere in between, if you work in Colorado 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 Colorado may be different.
Types of Real Estate Insurance in Colorado
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 Colorado is mandatory. Colorado is one of 13 mandatory states where typically each agent will obtain their own individual agent-based policy plus an excess policy purchased by the brokerage. At PBI Group we believe there is a better way, one where the agency buys one policy that covers both the agents and the company. This 1 policy has broader coverages and better protection than what is provided by have disparate agent policies topped off by an excess policy.
Errors and Omissions Insurance in Colorado
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 Colorado
Cyber Liability Insurance for real estate is a relatively new type of insurance policy in Colorado 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 Colorado
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 Colorado 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!
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
Our Real Estate Agency in Colorado has been associated with PBI Group as our Errors & Omission Insurance for over 10 years. During this time, I have never been without the information I need to assure our Brokers and/or their clients that we have excellent coverage and have never felt unrepresented in any way. Put your trust in PBI Group.
I had the pleasure of working with Paul Bondy and PBI Group over the past few years on the E&O Insurance for my offices as well as several other offices in the Colorado Keller Williams region. With the guidance of my legal counsel, sixteen market centers decided to aggregate their purchasing power. We secured and reviewed E&O quotes through five different E&O insurance companies, and ultimately selected PBI Group. We chose to work with Paul because of his extensive knowledge of the product, his availability, and his ability to save us money on our premiums. I should note that we also hired an E&O coverage attorney as a consultant to review all of our quotes, and PBI Group’s policy was determined to be the most complete/comprehensive.
I really appreciate this company for real estate E&O insurance in Colorado. I get my calls answered by a true professional who responds with respect even when my questions may seem silly to them. They are eager to help. It is nice doing business with people who care about your company.
Chris Dittes at PBI Group is excellent in helping me understand how to set up and understand the E&O, Cyber, and General Liability coverages that we need for our title companies.
Paul worked quickly to get my Team E & O coverage as we transitioned from working for one Real Estate Company to going out on our own. He worked hard to find the best coverage at the best price. And, he helped me understand the process every step of the way. PBI Group did an excellent job!
We’re privileged to have the opportunity to recommend PBI Group for real estate E&O insurance in Colorado. Paul Bondy has proven to be exceptional in every encounter. Upon interviewing Paul, he quickly proved his excellence in terms of pricing and also in service. Paul has really become our business partner in just the short time that we’ve worked with him. Paul has always returned messages extremely quickly, and goes the extra mile time and time again. However, what really sets Paul apart became evident after the policy was executed and paid for. Paul understands and respects our unique relationship with our agents. He made himself available to speak with every single one of our agents about the policy. And he presented the policy, in every agent interaction, in a manner where everyone found the value in changing policies to his company. Paul continues at this high level well after the policy has been fully sold to us. We expect to be in business with PBI Group for many years to come. On behalf of everyone here at Keller Williams Executives Realty, PBI Group has earned our respect and partnership, and we offer our highest recommendation to you.
Paul and his team are the best. Always taking care of our real estate E&O insurance coverage quickly and efficiently. We have been working with Paul for over 5 years and appreciate all his work for us.
Paul Bondy has been our agent for over 10 years. I love that he isn’t just an insurance agent to us but also an advisor and someone who wants to see us succeed and lower our real estate E&O premium while having full coverage. I would FULLY recommend Paul and PBI Group to other real estate brokerages in Colorado for their E&O and Cyber insurance!
We have been approached by many other companies for real estate E&O insurancecoverage, but know we can depend on Paul and PBI Group!