What are the different types of property insurance?
The person looking for real estate insurance may be surprised by the various types of insurance contracts available. Mistakes and omission (E&O) Insurance is usually the first insurance coverage that comes to mind for many real estate professionals because it is responsible for covering claims that are due to errors, omission or negligence. While some insurance contracts with real estate are specific to the real estate industry, such as E&B insurance, there are several insurance contracts that are equally important to any company owner regardless of its industry.
In addition to E&C insurance, real estate insurance must also consist in the policy of compensating the worker. Although real estate agents are independent suppliers and are not considered to be employees by law, it is still their responsibility to have adequate coverage by law for the purpose of compensation for agents and employees if they are unable to complete a work duty. General liability insurance is another type of insurancethose real estate. This policy is responsible for insurance of a real estate agent against any liability that can be caused by a broker or his agents.
Business interruption insurance is another type of property insurance, because this policy provides brokers against loss of business income that may result if the company loses its ability to operate due to unforeseen interruptions such as natural disaster. If a hurricane or tornado decimated a specific city or city, for example, a real estate broker may not be able to generate income due to physical damage to real estate in the city. This insurance coverage would ensure that the broker continues to function until the company generates revenue in the future.
The real estate type of a bonding insurance policy that is often overlooked is insurance of life and disability. This type of insurance will protect business from death or resourceAvotial disability of a critical employee, who in most cases will be a broker himself. Many real estate brokers will also have to get health insurance for themselves and their agents. In addition, real estate brokers will have to obtain real estate and victims insurance to obtain coverage against loss of business damage as a subject and physical placement of business.