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Protecting real estate professionals from the risks of everyday transactions from the city streets of Edmonton to the coast of Newfoundland and everywhere in between.
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Real estate insurance is a type of coverage specifically designed to protect professionals involved in real estate transactions, whether you're showing properties, managing rental units, or negotiating lease terms on behalf of landlords. This insurance helps protect policyholders against financial risks related to legal claims, property damage, professional errors, and other potential liabilities that can arise during the day.
From solo real estate agents navigating the housing market on their own or a national real estate brokerage managing hundreds of employees across Canada, BrokerLink proudly provides customized protection to professionals at every stage of their career, including:
Real Estate Brokerages
Property Managers
Independent real estate agents
Commercial Leasing Agents
Real Estate Consultants
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Given how complex and high-risk real estate transactions are, even the most experienced real estate professionals can face unexpected situations. Even a minor mistake or an unexpected event can result in financial losses, damage to your professional reputation, or legal action.
Property damage is another common risk real estate agents face without realizing it. For example, if you or your client accidentally damages the flooring or fixtures during a showing, without insurance, those repair or replacement costs are also your responsibility.
Business insurance coverage for real estate agents includes a range of mandatory and optional policies designed to protect professionals within the real estate industry from everyday business risks. From lawsuits to cyberattacks and slip-and-fall accidents, this coverage provides financial protection and peace of mind, allowing you to focus on helping your clients.
Errors & omissions insurance
Commercial general liability insurance
Commercial auto insurance
Cyber liability insurance
Commercial property insurance
Tools & equipment
Employment practices liability (for brokerages)
Errors and omissions coverage, also known as professional liability insurance, protects real estate agents against allegations of professional mistakes or negligence. These can include:
Inaccurate descriptions of properties.
A failure to disclose material facts about a property.
Missed deadlines on offers.
Faulty investment advice.
And more.
Regardless of whether you're found liable or not, going to court can be expensive. This business insurance policy will cover legal fees, settlements, and damages, preventing you from paying out of pocket. Most independent real estate agents pay between $500 and $1,500 per year for E&O coverage. However, costs can vary between provinces.
Commercial general liability insurance protects agents from insurance claims that arise as a result of third-party bodily injuries or property damage that may occur during open houses, showings, or on the premises of your commercial property where your real estate agency is located. Again, liability lawsuits are among the most common real estate claims in the country. Without it, you could significantly damage your finances.
If you use your vehicle for work, your standard auto insurance policy may not cover you. Commercial auto insurance fills that gap. Under a commercial car insurance policy, you'll be covered against damage, theft, liability claims, and medical expenses resulting from accidents. This business insurance is available for individual realtors and real estate brokers with multiple employee vehicles.
In 2023, there was a 30% increase in phishing attacks on Canadian realtors. As more real estate transactions move to online platforms, Canadian real estate professionals are increasingly becoming targets for cybercriminals, whether it be phishing emails, ransomware, or wire fraud.
With cyber liability insurance coverage, all forensic investigations, client notification costs, legal fees, and cyber extortion payouts will be covered by your insurance provider, up to your policy limit.
Commercial property insurance protects the physical structure of your real estate business and your contents within it from damages and losses from perils such as theft, vandalism, fires, water damage, and other severe weather.
Tools and equipment business insurance covers laptops, tablets, cameras, staging materials, lockboxes, and other tools you rely on to perform your business operations if they are damaged or stolen from your business property or while you are in transit.
Employment practices liability is for real estate brokerages with numerous employees. This business insurance covers employment-related claims such as:
Discrimination
Harassment
Wrongful termination
Wage disputes
With this policy in place, legal expenses and settlement costs are covered by your insurance company, up to your policy limits.
Let us be your resource for all things landscaping insurance
At BrokerLink, we know real estate. As one of Canada's leading insurance brokerages, we work with top providers like Aviva and Intact to provide you with competitive insurance rates and customized coverage based on your insurance needs. When you choose to work with us, you can expect us to:
Provide expert guidance when choosing the realtor business insurance.
Help you navigate requirements from real estate boards to ensure you remain compliant with insurance requirements.
Find ways to reduce your risk profile and save money on your insurance package.
Whether you work in downtown Toronto's market, the coast of Nova Scotia, or rural Alberta, trust that our brokers are here to protect your professional reputation and finances.
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No two realtors are the same. Because of this, what you pay for insurance may differ from that of your colleagues. Similar to other types of coverage, insurance companies base your premiums on your individual risk profile by considering numerous factors, including the following:
Independent realtors typically pay lower premiums than brokers with numerous employees, as their insurance requirements often include optional policies like Employment Practices Liability or commercial property insurance, and higher coverage limits to mitigate complex risks. Adding more policies and higher limits to your plan will lead to higher costs.
At the same time, the more experienced you are as an agent, the less likely you are to be exposed to risks, which lowers your risk profile. On the other hand, a new agent with little to no experience in the industry may be viewed as a higher risk to insure.
Where your business operates will affect your premiums. For example, agents working in major urban hubs like downtown Toronto, Vancouver, or Montreal often pay more than agents in rural areas, given that they are exposed to more risks and, on average, experience a higher number of claims.
If you have a history of past insurance claims, especially those for professional liability, your premiums will likely increase the next time you renew your policy. Having a clean insurance history with little to no claims reduces your risk profile, which in turn leads to lower insurance costs.
The more comprehensive your policy is, the more it will cost. Adding optional policies like cyber liability, commercial auto, or higher general liability limits does offer more protection, but it does come at an additional cost.
A solo agent earning $80,000 per year presents less of a risk to insurance companies than a brokerage managing upwards of 10 agents at a time and handling millions of dollars in transactions. More people and higher revenues mean increased risk and, therefore, higher insurance costs.
Risk management practices like client waivers, cybersecurity practices, and employee training can help minimize your exposure to risk ahead of time. By doing so, you not only protect your business, but you may also qualify for lower insurance premiums. Insurers view businesses with strong risk management practices as less likely to file claims, leading to lower rates.
On average, insurance for real estate agents in Canada can range between $500 to $1,7600 or more. While insurance is essential as a professional realtor, it doesn't mean you can do your best to save as much money on your premiums as possible, without sacrificing your coverage. The next time you're up for a renewal, here are some ways you can reduce your costs:
Combining your business insurance with other policies like home insurance or car insurance at the same insurance company can often qualify you for a multi-policy discount of up to 15% off.
Insurance companies tack on a 3% to 5% surcharge to accounts that pay monthly, as it costs them money to process each of your payments. To avoid these fees, consider paying for your insurance coverage upfront.
A deductible is the amount you agree to pay out of pocket to your insurance company when filing a claim. By increasing your deductible, you're agreeing to take on more of a financial burden, and in turn, your provider will lower your premiums slightly.
Improve your risk management protocols by:
Formulating detailed listing agreements and client waivers to protect your brokerage and employees against potential misunderstandings and disputes.
Offer training for your staff and agents on industry compliance, safety, and transparent communication strategies.
Implement strict cybersecurity protocols and tools like encrypted emails, password managers, and multi-factor authentication to lower your risk of falling victim to a cybercrime.
Regularly inspect your open house locations before inviting clients to show, along with your office ,to reduce the risk of injuries or property damage.
Beyond discounts for bundling your policies together, insurers often offer discounts for being a first-time or loyal customer, being an active member of a professional association, remaining claims-free, and more. Make sure to ask your provider or broker beforehand whether you qualify for additional savings!
Are you looking for a real-estate agent insurance in Canada? Contact BrokerLink today. Our brokers can help you find the right coverage for your business at the best possible rate. Whether you’re a solo landscaper, run a small crew, or manage large commercial projects, we’ll gather personalized quotes and explore your options to build an affordable landscaping insurance policy that fits your business. From liability to tools, vehicles, and more, we’ve got you covered.
You can call, email, or visit us in person at any one of our locations throughout Canada. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool, which can provide you with a competitive quote online in minutes.
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Yes, most real estate boards do require agents to have some form of coverage, specifically E&O insurance. E&O coverage protects agents from legal claims involving mistakes, misrepresentation, or negligence. It covers legal defences and damages, up to their policy limits.
Yes, insurance premiums for your real estate business are typically considered a tax-deductible expense. Make sure to consult with a tax professional to confirm how these deductions apply to your income tax for the year and for other guidance.
Beyond insurance mandated by real estate boards in your province, cyber liability and commercial auto are optional coverages to consider. If you work from a physical location, you may want to add general commercial liability and property coverage as well. If you're unsure what policies to add to your plan, working with an insurance broker is a great way to customize your insurance based on your needs and budget.
If you're shopping for business coverage as a realtor, one of the best things you can do is shop around with different insurance companies and compare rates. Not all providers price their policies the same way, so you can benefit from getting a quote from one or two before choosing an option that is best suited for you. Most insurance providers have online quote tools that you can fill out. You can also work with a broker in person or online who can shop around on your behalf, answer any questions you may have, and ensure you get the best rates available.
Explore our other insurance products to find additional coverage options that fit your needs. Discover more ways to protect what matters most.
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