Real Estate Insurance in Massachusetts
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 Boston, Worcester, Springfield, or anywhere in between, if you work in Massachusetts 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 Massachusetts may be different.
Types of Real Estate Insurance in Massachusetts
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 Massachusetts, 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 Massachusetts an obvious choice.
Errors and Omissions Insurance in Massachusetts
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 Massachusetts
Cyber Liability Insurance for real estate is a relatively new type of insurance policy in Massachusetts 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 Massachusetts
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 Massachusetts 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 Bondy at PBI Group has been an amazing resource for us. Paul has been hands-on at all times, assisted us in finding the best coverage at the best price for both E&O and a Cyber policy. We have spoken to other companies and then gone directly back to PBI.
I wanted to take a minute to thank you for all your help in getting me the right policy for my real estate errors & omissions insurance. In the past, I felt I had to stay with the one carrier I had been with even though my premiums kept rising. You helped my Massachusetts real estate agency get a better coverage policy as well as it being cheaper than if I had stayed with my original carrier. You took the time to explain the differences between policies to me and that meant a lot. Like I told you I know how to sell houses, but I know nothing about insurance. I look forward to doing business with you for a long time. Thank you once again.
”Paul was great to deal with. He took the time to explain the coverage offered, and what my particular needs warranted. He was very patient with my many questions, and very knowledgeable in his field. I hope to do more business in the future. ”
Thank you so much Paul for all your help when I had to renew our Massachusetts company’s real estate E&O Insurance. You were very patient and answered every single question so that I felt I made a decision that I was very comfortable with. I also appreciate your timely responses to my inquiries.
We have dealt with Paul Bondy at PBI Group for my real estate E&O insurance for several years and have always found them to be willing to go the extra mile for us and they have always stood by their word in any of our dealings. It has been a pleasure to work together and we look forward to continuing our relationship in the coming years.
PBI Group and their staff are outstanding!!! Their pricing, customer service and their ability to get back to you almost immediately, whether it is by email or a phone call, which they answer almost every time, and if not they will call you right back.
Paul Bondy is the BOMB!!! I would recommend PBI Group to anyone looking for real estate E&O insurance for their agency.
We have been working with Paul and PBI for three years now. We decided to make a change when our premiums went up significantly and realized we needed to learn more about what our policies really cover. After speaking with Paul, who answered all of our questions, we knew we found the right partner. Paul went above and beyond, even securing our preferred legal representation in case we ever needed them. Our premium was significantly reduced even though our coverage was increased. We feel confident that if we ever have a claim, Paul and PBI will be there every step of the way. I highly recommend them!
Paul Bondy at PBI Group is great to work with! He makes the real estate E&O insurance renewal process easy by reaching out well in advance to get things started and he’s very proactive about calling to discuss quotes and answer questions. He’s very responsive and knowledgeable about E&O insurance for my real estate agency in Massachusetts and does a great job communicating his knowledge to his clients.
It was a pleasure to work with Paul Bondy at PBI Group! Paul was very knowledgeable about the policy I purchased for my company. I also appreciated Paul’s timely responses to all of my questions and his guidance as was needed during the process. I highly recommend PBI Group!