Getting your home and your place of business insured is a must if you want to be protected in case something goes wrong. By getting a policy you will make sure that in case something happens, you will get money back, and you won’t risk losing all of your possessions and paying for all the damages. There are a lot of different types of policies, and in this article, we are going to talk about real estate agency owners, and why they need to get a policy for their business. Continue reading if you want to learn some tips for finding the right insurance company, and for making all the right choices when it comes to protecting your assets.
1. Consider the types
The first thing we are going to talk about is the types of policies you can get depending on the needs of your business. Know that there are differences between getting a policy as an individual, and choosing the right insurance for your real estate agency.
You can choose if you want to get a policy for the health of your employees, professional liability policies, commercial property, general liability, and worker’s compensation. When it comes to commercial property, you should know that these policies cover real estate damages including fires, vandalism, natural disasters, and explosions.
Depending on the type you choose and the company you collaborate with, you may be able to cover everything at one cost, or you may need to create different policies.
2. Check to see if you are obligated to get a policy
Depending on the location of your business, you may be obligated by the state to get a policy for your business. Note that commercial policies are not required for all small businesses, but it all depends on your state’s laws, along with the size and type of your company.
You should be aware that you might be obligated to get policies for your employees, along with your property, and experts suggest that you should always choose to get the general liability type.
Before choosing the right company to collaborate with, you should check the current laws, and see if you have to do something, or if it is up to you to choose what you want to get and under which conditions.
3. Look for a trusted service
When looking for the right company to collaborate with, you should never rush this decision, and know that you always have a lot of options to choose from. There are thousands of companies that offer insurance policies, and some are going to be far better than others.
You need to be smart about this decision, and you should always read the fine print. Don’t forget to have a preliminary meeting with a representative, and talk to them about the things they are offering. Ask them to give you a quote on the price and prepare a list of questions you want to ask them before the meeting. You should not forget about the option to get title insurance and to protect yourself from any financial loss or legal expenses.
If you are unsure what you should be looking for when it comes to title insurance, places like www.sunnysidetitle.com, with its headquarters based in Hackensack, can offer you a complete guide on the process, why you need it, and how you can benefit from it.
4. Pay attention to the agent
No matter how good the company is, there are different types of employees. Even the best insurance agency is going to have mediocre employees, and even the worst agency is going to hire someone who may be the best in the business.
Because of this, when choosing the right agency to collaborate with, you should ask them who is going to be handling your policies, and try to have a meeting with them. Check to see the success they’ve had, and some experts suggest that it is better to collaborate with an independent agent than to go with a captive agent.
At the end of the day, you have the final word, but you should never make your choice before you explore all the options. Check to see what’s available on the market, who is the best, and how you can benefit from them.
5. Always read the policy
Finding the right agency may not seem like a difficult task, since there are so many companies nowadays that you can work with. However, it all comes down to what they are offering to you. Some places may seem like the best decision, but once it comes to the policies, you may notice that they are trying to trick you.
There are companies that will try to trick their customers, get them to pay extremely high fees, and if something happens, they will try to look for inconsistencies in the agreement, and get away without paying for the damages.
Because of this, you should never sign a contract before you read the policy on your own. Ask the representative to send you a copy, and spend enough time going through it. If possible, contact an attorney, or an independent agent that will help you find any fine print or anything that could lead you to make the wrong choice for your real estate agency.
Don’t forget to check what other people have to say about the company you want to work with, and know that checking who your competitors have chosen may be a good idea. Look for a place that will be able to look for your best interest, and that will give you the best policy for the best amount of money. Never go with the cheapest one you can find, and remember that when it comes to insurance, you will get what you paid for.
It is always better to pay a bit extra at the start and to know that you, your employees, along with your commercial property are fully protected than to risk wishing you made a different decision when you chose the policy. Pay attention to these things, and you will have no issues finding the right insurance for your real estate agency.