Other types of insurance coverage

While errors and omissions is important insurance for real estate professionals, it is by no means the only coverage to consider. Many firms require agents to carry certain minimums on their automobile liability insurance. A personal liability policy, like an umbrella policy that will raise the levels of coverage if necessary, is also a good idea, suggests Charles de Wetter of Coldwell Banker de Wetter Hovious in El Paso.

Agents without a large financial cushion or a spouse’s salary to supplement their own may want to look into disability insurance. Health insurance is, of course, at the top of the insurance-needs list for many people. And agents who work from home should verify that their homeowners policies cover the business equipment in their house. If not, many insurers offer an endorsement to increase that coverage. Another option is an in-home business policy, which typically covers property and general liability.

In addition to consulting an insurance professional, Robin Mueck of Heritage Texas Properties in Houston suggests that agents and brokers check with their REALTOR® associations. "Our local association does an outstanding job of researching benefits and bringing them to the independent contractor," she says, "as do TAR and NAR."

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REALTORS®, visit www.texasrealtors.com.