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.
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.
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!
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.
”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.”
”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.”
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.
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
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.
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.
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.
”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.”
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!
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!
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.
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.