Embroker’s Real Estate Practice

The world of real estate owners, property managers, developers, and investors includes risk associated with construction, property costs, economic volatility, catastrophes, and workers’ compensation. As a real estate professional, you need to feel confident that the property you manage or own is protected.

An Introduction to Insurance for Real Estate Professionals

Embroker’s risk management platform empowers real estate owners, property managers, and developers to save time with digital certificates of insurance, invoices, and renewals.

We wrote this guide to help you, the reader, understand both the basics of real estate insurance as well as some more advanced considerations. Our hope is that you walk away from this article a more empowered buyer, with a better understanding of the risk you can transfer to other parties via our real estate insurance product.

If you’d like help, we’d invite you to talk with a broker or get started by creating an Embroker account. Embroker’s technology works perfectly to address the needs and pain points of many different businesses engaged in the real estate space. Whether you need to keep track of tenants’ certificates of insurance naming you and/or you clients as additional insureds, or you want to have all the different policies you placed for various properties and companies under management in one easy to reach place, Embroker has the tools necessary to make insurance easier, faster and more efficient.

We take away the stress and time that is usually associated with paper applications, deleting and adding properties from an ever changing portfolio, and waiting days on brokers to produce simple certificates of insurance. Insurance is supposed to make businesses run smoother and offer a peace of mind, yet it seems to often do the opposite. Embroker’s technology corrects that- unbreaking the brokerage.

Why Do Real Estate Companies Need Insurance?

By their very nature, real estate companies are subject to a number of potential risks, lawsuits, and claims. Real estate professionals undoubtedly work hard to keep their clients informed every step of the way, but information slipping through the cracks and innocently overlooked errors can lead to a costly, time-consuming lawsuits.

Additionally, if a client slips and falls on your premises or if an employee is injured at work, the business would be liable. Over the course of doing business, any number of unfortunate accidents and injuries can occur due to human error or simply bad luck.

Similarly to how unforeseen accidents can lead to bodily injury and subsequent litigation, property damage can be devastating for real estate companies. According to a recent report on property insurance, the impact of recent natural disasters will greatly affect the commercial property market in the coming years, particularly when it comes to property and assets located in areas at risk for wildfiresfloods, and hurricanes.

From fires and hurricanes to burst pipes and vandalism, your insurance policy can provide the right protection for your property. Read our full commercial real estate risk management guide for more advice on how to create a risk plan for your business.

Examples of Insurance at Work for Real Estate Companies

Real Estate Insurance Costs

A frequent question we hear (and a common problem with insurance underwriting in general) is that no one really knows how an underwriter arrives at a premium.

When applying for insurance, there are many factors that carriers take into consideration while underwriting new coverage. Cost drivers will always be different based on the policy type, limits needed, the size of your company, the number of employees working for you, the locations of your property and more. Working with the right partner will ensure they are not only negotiating the right coverage but the best possible pricing options for your company.

Embroker believes in giving our clients better choices using data and transparency. We benchmark your policies against similar companies in your vertical, then procure quotes from multiple insurance carriers for coverage you may not carry and want to consider purchasing. We also cross-reference your costs with companies of comparable size, policy limits, claims history, and risk tolerance so we know your premiums are as competitive as possible.

Once set up on our platform, our tools and data ensure you’re adequately covered and getting the best value possible in the insurance marketplace, even as market conditions change and your business grows.

Getting Started

Now that you have a better understanding of insurance for real estate companies, you may be wondering how all of this affects your business and where to go from here. If you need more help or information, you can reach out to our team of expert brokers. If you prefer to get started on intelligent quotes, create your Embroker account today.

Real estate professionals and companies require unique insuring expertise and experience. Our real estate practice is redefining the way insurance is purchased, combining technology with deep insurance expertise and genuine understanding and care for your business.

Embroker is the easiest way to intelligently insure any business. We’re here to help!