Embroker, the digital insurance company radically simplifying the insurance buying experience for businesses, announced its specialized coverage program designed for real estate agents and brokers. The coverage program is built on Embroker’s ONE technology, offering comprehensive professional liability, cyber, business owners’, and worker’s compensation coverage through a seamless, single-application experience.
In May 2024, Embroker surveyed more than 150 real estate leaders, agents, and auditors to understand the unique risks and challenges faced by industry professionals. The findings highlight an industry under significant pressure, with agents making critical errors that lead to financial losses. These unique issues underscore the need for bespoke insurance coverage tailored specifically to the real estate industry, elevating the insurance buying experience for real estate professionals through Embroker ONE.
The data shows that more than half (51%) of real estate professionals rely almost exclusively on their cell phones, yet 35% frequently make mistakes when doing so. This on-the-move professional lifestyle wrought with mistakes has led to 46% of those professionals’ companies experiencing financial losses.
“Real estate as a profession is facing radical change. Amid layoffs, cyber attacks and shifting buying behaviors, agents and brokers too often aren’t getting the coverage they need out of their insurance policies,” said Ben Jennings, CEO of Embroker. “Given the rapid evolution of the industry, real estate professionals need truly tailored coverage that provides peace of mind so they can operate worry-free. Embroker’s approach provides them with a single-destination solution, an elevated purchasing experience, and comfort that comes with coverage built for their specific needs, not generic coverage.”
Professional Liability and Cyber Threats: Real Estate’s Biggest Coverage Concerns
Given the complexity and high stakes involved in real estate transactions, robust professional liability policies are essential. Embroker’s survey revealed that 48% of real estate professionals filed a professional liability claim in the past year. Embroker recognized this challenge and collaborated with industry experts to develop tailored professional liability coverage, ensuring real estate professionals are adequately protected.
Real estate professionals are increasingly vulnerable to cyber threats, with 45% having experienced a breach and 82% encountering phishing attempts. Despite these risks, only 37% have recently updated their cyber coverage, while 47% anticipate increased cyber threats. Embroker’s cyber liability coverage protects real estate professionals from the financial fallout of existing and emerging cyber threats, ensuring they can operate worry-free.
Coverage on Every Corner — Foundational Programs for Real Estate Agents and Leaders
Real estate professionals and their firms encounter the same risks that any business would: property damage, business interruption and general liability. Embroker’s approach ensures that every aspect of a real estate firm’s operations is safeguarded, eliminating the gaps often found in generic policies. From slips and falls to property damage, Embroker’s business owners’ policy for its real estate program includes the foundational coverage every business needs.
As Embroker expands its offerings, the digital insurance company will continue to find protections that resolve the threats to other underserved industries. Its Real Estate program is positioned to expand, continuing to meet the needs of the evolving industry. For more information on the new real estate program or other coverage options from Embroker.
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