Real Estate Insurance in Pennsylvania
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 Philadelphia, Pittsburgh, Allentown, or anywhere in between, if you work in Pennsylvania 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 Pennsylvania may be different.
Types of Real Estate Insurance in Pennsylvania
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 Pennsylvania, 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 Pennsylvania an obvious choice.
Errors and Omissions Insurance in Pennsylvania
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 Pennsylvania
Cyber Liability Insurance for real estate is a relatively new type of insurance policy in Pennsylvania 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 Pennsylvania
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 Pennsylvania 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 and PBI Group have been our go to for E&O coverage for many years. We always get the best coverage with fair premiums. On the rare times when we had a potential claim, they were there for us.
Paul was super knowledgeable and was happy to explain everything I needed to know to make an informed decision regarding our real estate E&O insurance. He was patient and very quick to respond whenever I contacted him. Also, the policy wound up being less expensive with WAY better coverage than our next best quote! It was a no-brainer!
Paul, Leighton, and Rachael were great to work with. Paul knows the real estate E&O insurance industry inside and out. I felt like Paul knows the industry from our perspective – which is what I need! The quote was quick and reasonable, the payment process was super easy.
It is with sincere pleasure that I am writing today about my experience with Paul Bondy and PBI Group. I have known and dealt with Paul for the last few years while he was with his previous company, and have always found him to be courteous and helpful. Even though I was very late in starting the process, Paul promptly got me approved for a quote through his new company. I entertained quotes from four different companies, including the company that I’ve been with for several years. Paul not only got back to me in record time, but also impressed me further with the lowest annual premium. As always, he was more than willing to offer suggestions and explanations of the benefits in a way that was easy for me to understand, and he helped to expedite my final decision.As you can imagine, my previous insurance company was not happy that I was leaving to sign on with PBI Group. I felt obligated to explain to them that the combination of knowledge, patience, and respect shown by Paul, along with the excellent, well priced insurance package that he put together was simply an offer I couldn’t refuse! Thanks Paul!
I was introduced to the PBI group / Paul Bondy by my former boss of 22 years. Every phone call and email had that professional touch, kind words, etc.. I will always call on Mr. Bondy for insights to my new business.
Paul has been a great resource for me and the company for many many years, from his experience with Realogy, and taking me from 5 offices, 3 in center city Philadelphia, (now part of NRT) with 10MM AGCI to one office of 1.5Mm AGCI, now in the suburbs.
For any real estate professional today, E&O insurance is absolutely a necessity. Our experience with PBI Group has been a truly satisfying one in that every question is answered on time, every concern is alleviated, and every document is handled expeditiously. We appreciate that kind of service, experience, and professionalism and highly recommend them.
I sincerely appreciate PBI Group’s proactive stance in looking for the best real estate E&O policy and premium for my Pennsylvania company each year. It’s very comforting to know that you’re looking for the best coverage, and you’re on top of things. I never have to make second phone calls or repeat emails. The communication is excellent.
Paul was aggressive in getting me more and better real estate E&O insurance coverage than I had for just a few dollars more. I had been with my previous carrier, Travelers for more than 10 years with no claims. I would recommend at least letting Paul shop the E&O insurance market as he did for me.
I truly appreciate a company that has its client’s best interest at the forefront of its business platform. In over 20 years you and your firm have performed above and beyond providing me with my real estate E&O insuarnce. Thank you!
Every year, we shop aggressively for the best real estate E&O policy at the best price. PBI Group’s quotes are always very competitive and Paul takes the time to walk me through the proposed policy so that I understand the value of what is offered. He is always professional, demonstrates expertise in his field and seems to be a straight shooter. I would highly recommend him and PBI Group to anyone seeking E&O insurance for a Pennsylvania real estate agency.