Top 5 Insurance Companies for Real Estate Agents and Brokers

Real estate agents and brokers are small businesses that work with the public every day and, as a result, face the risk of a lawsuit for accidents and incidents that may be out of their control. Insuring these risks is essential for real estate agents to ensure they won’t have to pay for expensive claims out of pocket. We dove deep into the best insurance companies for real estate agents and brokers and here are the insurance companies that came out on top. 

Assessment Criteria for Choosing the Right Insurance Provider

When choosing an insurance company for your business, here’s what to look for:

• Customer service and support: Choose a company that has a reputation for being there for customers with quick and efficient customer support.

• Coverage options: Make sure the insurance provider has the options needed to properly insure your business. 

• Cost and affordability: There’s no need to overpay when the company meets all the criteria of service and claims. 

• Claims handling experience: Choose a company that has a good track record of helping customers when it matters most, in a claim. 

• Financial stability of the provider: Work with a company that is rated highly by independent rating companies to ensure they are financially sound and capable of paying claims. 

Top 5 Insurance Companies for Real Estate Agents and Brokers

Best Overall: NEXT Insurance

Best Underwriting: The Hartford

Best for Micro Companies: Hiscox 

Best Marketplace: Simply Business

Best Customer Service: Liberty Mutual

Best Overall: NEXT Insurance

Why we chose it: NEXT Insurance is designed to work with independent agents and brokers who need a comprehensive policy for a competitive price. 

NEXT Insurance was founded in 2016 with the goal of helping small business owners get the insurance they need at an affordable price. It accomplishes this goal through the utilization of insuretech that allows them to underwrite policies quickly online and generate policies in a matter of minutes. Real estate agents can get general liability, workers’ compensation, and professional liability with NEXT Insurance. 

Best Underwriting: The Hartford

Why we chose it: The Hartford has been comprehensively underwriting small businesses for decades, using industry experts to understand risk and properly insure it. 

The Hartford was founded in 1810 and has been insuring clients with professionalism ever since. They are considered a small business expert, perfect for a real estate professional who needs to get general liability, workers’ compensation, and professional liability insurance. Business owners can also get commercial auto coverage to protect themselves while driving clients to and from homes to view. 

Best for Micro Companies: Hiscox

Why we chose it: Hiscox prices its policies so that small business owners can afford to have the right policies in place. Their premiums fit into just about any budget. 

Hiscox has been around for more than a century, insuring small business owners with the necessary policies to ensure they are not at risk of losing personal capital in a loss. They are small business experts, specializing in the companies that have less than five employees, though they can handle bigger companies if necessary. Real estate agents and brokers can trust that they are getting a good deal on price with Hiscox. 

Best Marketplace: Simply Business

Why we chose it: Simply Business makes it easy to shop policies around among top carriers with its excellent partners who offer a multitude of policies for real estate agents and brokers. 

Simply Business is an insurance marketplace that partners with top insurance companies to make shopping for insurance easier. The process is simple. A real estate agent simply fills out an online form to access carriers. The policies are shopped for the best rate and presented to the agent. This eliminates the need to contact multiple insurance companies to get a quote and saves real estate agents time in the process. 

Best Customer Service: Liberty Mutual

Why we chose it: Liberty Mutual has a history of helping clients when necessary in a professional and timely manner. 

Liberty Mutual has been insuring policies since 1912, when it was founded in Massachusetts. They offer a wide gamut of insurance products, making it easy for real estate agents to bundle personal and business insurance with one carrier. This makes it easy to navigate through coverage and ensure that you are fully protected. Real estate agents can get general liability and professional liability policies with Liberty Mutual. 

How to Choose the Best Insurance Company for Your Needs

Choosing the right insurance company to protect your business is important because you want a company that will do the job for the best price possible. Aside from the cheapest, you want to choose a company that has a good reputation for customer service and claims. They should be easy to contact and available to assist through phone or chat. It should be easy to file a claim, and the representatives walk you through the process. Also, look for a company that has solid financial ratings, which suggest that they have the solvency to handle a large number of claims at any given time.