Real Estate Insurance in Missouri
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 Kansas City, St. Louis, Springfield, or anywhere in between, if you work in Missouri 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 Missouri may be different.
Types of Real Estate Insurance in Missouri
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 Missouri, 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 Missouri an obvious choice.
Errors and Omissions Insurance in Missouri
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 Missouri
Cyber Liability Insurance for real estate is a relatively new type of insurance policy in Missouri 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 Missouri
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 Missouri 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!
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.
I was very impressed with Paul’s knowledge of the real estate E&O policies that he offered, but also of his knowledge of the competitor’s policies. His knowledge helped me to shop other options, without having to actually call those companies. I believe that he was honest in answering me in the multitude of questions that I had asked, and he was able to give me both pros and cons of competing policies. I wanted to have some information about coverages before I need them. Thanks Paul for making this insurance jungle a bit less daunting.
I truly appreciate the fact that I merely had to provide an application that I had completed for another company for the E&O policy, and I received rapid and complete answers to the coverage prices. Also, you provided the service of securing the ability for me to pay for the real estate E&O policy over a period of time, rather than having to come up with the total amount all at once. Finally, it was a pleasure to have the policy and the full explanation in a quick manner.
Paul Bondy at PBI Group has been a great real estate E&O insurance resource for us! Very proactive, responsive, and knowledgeable. We’ve appreciated his guidance and it’s made our work easier.
Whenever I call my agent Chris Dittes at PBI Group, he is always helpful and cares about his clients. It makes it worthwhile to have a real estate E&O insurance agent that cares…
We have worked with Paul and PBI Group for many years for our real estate E&O Insurance. We have found them fair, honest, reliable, and confident in all areas of our working partnership.
Paul at PBI Group was extraordinary with his explanations of the proposed real estate E&O insurance coverage and his comparison of our current insurance coverage. He educated us on the areas of unacceptable risk that we did know we had. Great company and we are very satisfied with our improved E&O coverage.
I have never been so excited over an insurance experience as I was with PBI Group. Leighton Stultz is the perfect example of what I mean. We have been in contact for almost a year – he was not pushy or overwhelming, very friendly and cordial, called when he said he would, and answered all my questions in a timely manner. Clearly, he could tell I was a bit confused on some of the E&O insurance stuff and did not talk down – we talked as equals. Since he was my first line of contact with PBI Group, his manner made me want to continue. And I am so glad we did – the email with an E&O insurance quote where Paul Bondy introduced himself – that made it personal and clearly let me know that he cared about our company, and we were just not a number.