Real Estate Insurance in New Jersey

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 Newark, Jersey City, Paterson, or anywhere in between, if you work in New Jersey 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 New Jersey may be different.

Types of Real Estate Insurance in New Jersey

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 New Jersey, 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 New Jersey an obvious choice.

Errors and Omissions Insurance in New Jersey

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.

Prior Knowledge 1
fraud scam danger theft Insurance for Real Estate

Cyber Liability Insurance for Real Estate in New Jersey

Cyber Liability Insurance for real estate is a relatively new type of insurance policy in New Jersey 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 New Jersey

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 New Jersey 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.

real estate agents at office

Finding the Right Partner

Trust PBI Group for your Real Estate Insurance

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!

Tony D'Agostino
ERA Village Green Realty

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.

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Anthony Morda
CENTURY 21 Town Country Realty

”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.”

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Bonnie Fitzgerald
ERA Byrne Realty

Paul has always been extremely proactive and responsive to all my questions and requests. Would highly recommend PBI Group!

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Gary Foulks
Gloria Nilson & Co Real Estate

”Our company started coverage with the PBI Group 3 years ago. Paul Bondi is our contact person. Paul took the time to listen to our needs and wants. He was thorough and explained in detail the coverage. He was always willing to answer our questions in a timely fashion.”

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George Colavito
RE/MAX Home Pros

”Always has provided great service for my insurance needs.”

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George Mascera
ERA American Towne Realty

Paul has been my insurance agent for well over 20 years. When he started his own company, PBI Group, I followed him and terminated coverage with the company he had worked for. It is not the insurance company, but rather the person who will be working for you. I put my trust in Paul 100% +. Over the years my company has had insurance claims and without a doubt Paul was there working on my behalf every step of the way. I highly recommend PBI Group for your insurance needs. He is the best agent you can select.

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Gerald Williamson
Williamson Realty, Inc

Excellent! Chris Dittes at PBI Group always does a great job with my real estate E&O insurance for my real estate agency in New Jersey.

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Jack Gulla
CENTURY 21 Van Syckel ~ Golden Post

Paul, I think you and your organization did a great job on my New Jersey E&O insurance policy. The responses, timeliness, and follow-up were outstanding, especially the effort PBI Group expended to help retain the affordability on the premiums. While all others were increasing, you kept yours the same. Thanks

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Jack McAlear
McAlear Cavalier Realtors

I have been dealing with Mr. Paul Bondy for the past 3-4 years. I have always found him very informative/knowledgeable and professional in his actions. I would not hesitate to recommend him to other brokers.

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Jamie Pavlis
Jamie Pavlis Real Estate, Inc.

We have been dealing with Paul for many years….His Service, Knowledge, and Experience are what it is all about. 5 Stars all the way!

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Jeff Montemarano
CENTURY 21 Preferred Realty

It is a pleasure working with PBI Group for our E&O insurance coverage for our real estate agency in New Jersey. We really missed you the one year we stayed with our current policy. It was very difficult to even get someone on the phone, let alone someone who could actually help us with problems as you so efficiently did in the past whenever we called with questions. The truth of the matter is we called you, got a quick response, got the necessary information via phone and email immediately, which enabled us, with your expertise, to choose the coverage we feel we need for our E&O coverage. As they say..to have E&O coverage with a good company – great; to obtain a policy we can afford – wonderful..to know we have you a phone call away – PRICELESS.

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Joanne Morgenroth
Keller Williams Realty Village Square

The level of service we consistently receive from Paul at PBI Group is incredible and his follow-up skills are truly appreciated! I know that no matter when I call he will pick up the phone and have answers to all of our E&O insurance questions. It’s like having our own insurance person on staff. Who could ask for more? Thank you PBI Group.

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John Nuss
Best Choice, Realty

”Many years ago we were looking for a new insurance carrier for our E&O insurance. We ended running late in choosing a carrier. Chris, did what he had to do to keep us covered. After all the years I find the service great and the pricing in line. It is a pleasure doing business with Chris.”

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Joseph Pino
Pino Agency

I have worked with Chris and the PBI. group for many years. He has been prompt in returning phone calls, helping me chose the correct coverage,and led the way in helping me save money with my policies.

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Margo Green
Century 21 MKButler RE

I have been with Paul Bondy for most of my 20 years of office ownership. Very attentive to needs of my office and has great knowledge. Very prompt!

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Mark Green
Century21 Worden&Green

”I began working with Paul at PBI many years ago after meeting at an event.Everything has gone great since!”

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Michael Brand
Keller Williams Morristown

Wow! What a difference it makes to work with a company like PBI Group who focuses on Real Estate E&O insurance! Paul and Eric did an amazing job of getting our New Jersey Market Center much better coverage for over 50% less than our prior policy! I’m looking forward to a long successful partner with PBI Group!

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Nicole Salamone
Keller Williams Realty

Being a new MCA has been quite a journey. Paul and his team are extremely professional and kind. They never mind answering a question or taking a moment to help educate. Great Experience!

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Patricia Hardeway
Keller Williams Jersey City

”We are glad to be in business with PBI group. Knowledge and wise advise. Great customer service and honesty”

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Paul Podgorski
CENTURY 21 Premier Realty Inc

I was provided great service, consistent follow-up, and most importantly, financial savings with better coverage. If it were not for PBI Group, I would have remained with my old carrier, and been less than satisfied. This is a true testament to Paul and his company.

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Raymond McCarthy
McCarthy Appraisal Services Inc

I continue to go to PBI Group for my E&O insurance because of their knowledge and fast response to all my questions. Paul’s personal involvement and professionalism make PBI Group the best in the E&O business.

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Robert Ranieri
CENTURY 21 Innovative Realty

My testimonial is that you guys are great! I trust and am happy you do my shopping for me for my New Jersey real estate E&O insurance! Great reliable service, year after year.

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Yvette Boniakowski
ERA E.A. Boniakowski Agency

PBI Group provides consistently great service, friendly and informative. I know Paul goes the extra mile to provide our office with the most competitive quotes for proper real estate E&O coverage.

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