Why should I purchase insurance as an agent?

What risks am I exposed to as a real estate agent?

As an agent you are inevitably exposed to a number of risks by operating in the real estate industry.

  • You are always at risk of injury while traveling, or touring new homes. It is important to have coverage that will support you if you, yourself are injured.
  • When hosting showings and visiting properties with clients, there are added risks of client injury or even damage to the property, which you will be held accountable for.
  • With support staff not covered under workers compensation legislation in Canada, you could also be held financially responsible for a workplace injury.
  • If you rent from a commercial landlord, you are required to have insurance for your office and storage spaces.
  • The Professional Liability Insurance Policy administered by RECO does not cover your general liability, so unless your brokerage is purchasing this coverage for you, this might leave you paying to defend against claims for slips and falls off the brokerage’s premises.
  • In addition to general liability, this coverage also provides you with defense costs for your PREC if it is named in a professional liability suit – note, the professional liability policy administered by RECO does not cover your PREC.
  • As a value-added feature of this coverage, the legal expense cost coverage included with this policy covers you for legal expenses related to CRA audits, RECO licensing actions, tickets under the traffic act, and more.

With specialized insurance coverage, you can manage these risks accordingly, focus on your day-to-day operations, and have peace of mind. 

The REALIST Advantage
  • The ability to purchase affordable income based insurance online within 5 minutes allows you to present proof of coverage instantaneously upon payment.
  • $2,000,000 in bodily injury damages to clients or prospective clients per incidence.
  • $2,000,000 in property damage coverage per incidence.
  • $2,000,000 in bodily injury coverage for agent support workers not covered under workers compensation.
  • $2,000,000 liability coverage for premises under rent to the agent meeting commercial lease requirements.
  • $100,000 in legal expense coverage not covered under the errors and omissions insurance provided by RECO, including small claims court actions, traffic ticket, and contract disputes.
  • $100,000 in legal expense coverage when dealing with the CRA and FSRA.
  • Unlimited access to the legal hotline for any questions you might have with regards to any legal issue involving your business.
  • $100,000 for a lawyer if bodily injury is caused by a third party to you.
  • $5,000 automatic accidental death coverage.
  • $15,000 for home & vehicle accessibility alterations.
  • $15,000 for personal retraining coverage and training coverage for spouses.
  • Hospitalization coverage allowing for coverages not under OHIP such as TV, telephone, room upgrade, etc.

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