As a brokerage with agents, you face the risk of agent claims affecting your general liability insurance. By having agents cover their own claims for bodily injury and property damage, brokerages will see a decrease in yearly premiums.

• Brokerages are commonly drawn into providing agents with financial assistance when battling action against a FSRA license or RECO license. With additional agent legal expense coverage, this can be prevented. 
• Unless the brokerage is purchasing insurance that extends to the individual sales persons and brokers, it might be difficult for agents to meet their contract requirement to hold the brokerage harmless in the event of a claim if they do not have appropriate insurance in place.
• Having agents purchase their own insurance online, in as little as 5 minutes, allows the brokerage to know for certain their salespersons and brokers are properly insured for their general liability – helping both the brokerage and individual be financially protected. You can also request they add the brokerage as an additional insured in the application process.
• Be sure to check your brokerage’s general liability policy – if it excludes subcontractors, work outside the premises of the brokerage, or real estate services, then you are leaving your sales persons and brokers without coverage. Unless you’ve informed them of this, you might be liable to cover claims against them.

Insisting your agents purchase additional coverage is good business practice and will give your clients the reassurance that they are in well protected hands.

• 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.