Real estate is a fundamental sector of the Canadian economy, and risks to the industry can impact the country as a whole. That’s why it’s crucial that anyone working in real estate is properly insured. Whether you’re the landlord of a busy shopping mall in Gatineau or a realtor in Ottawa’s vibrant housing market, count on Oegema Nicholson to deliver insurance solutions that cater to professionals in this challenging industry.
If you’re interested in learning more about real estate insurance, here’s our comprehensive guide on what coverages may be beneficial to you.
Which coverages are helpful for real estate professionals?
In business since 1961, Oegema Nicholson has experience developing insurance portfolios for those in both the commercial and residential real estate sectors. Our team has come to recognize which coverages are most beneficial to those working in this industry. Here are just some of the insurance products all real estate professionals should consider.
Errors & Omissions Coverage
Also known as professional liability insurance, this type of coverage protects your business against claims that a professional service you provided caused your client to suffer harm. It’s particularly beneficial for realtors, general contractors and real estate consultants. If your client suffers a loss because they believe your service failed to meet expectations, you could face a very costly lawsuit. E&O insurance is designed to cover your legal expenses, so you’re not forced to pay out of pocket to defend yourself.
This coverage is particularly crucial for those who own property whether it be an office tower, strip mall or apartment building. It will help protect any property owned by your business in the event of damage from covered perils. For example, if parts of your facility are destroyed from a gas explosion, property coverage may help pay for repairs. Keep in mind this coverage only applies to property your business owns. You can also purchase contents coverage to protect the items inside. Let’s say your business’ IT equipment or office furniture is stolen, contents coverage will cover the cost to replace these items.
General Liability Coverage
If someone is injured on your property due to negligence, general liability coverage can help pay for their medical expenses. It could also cover your legal costs, should the injured party choose to sue. Liability coverage is important because you could still be held responsible for someone else’s injury, even if you were not at fault. Should your claim exceed your coverage limit, you may have to pay out of pocket to cover the rest.
Business Interruption Coverage
If your business activities need to be put on hold due to damage or loss, business interruption coverage can help replace lost income. For example, let’s say your construction firm suffers water damage during a major flood. If you have no choice but to rent a temporary workspace because your office is inhabitable, business interruption coverage may take care of those expenses. It’s important to note this coverage is subject to limits, and you will have to pay a deductible in order to make a claim. The insurance advisers at Oegema Nicholson can help you understand the various limits of your policy as it relates to interruption coverage.
How much does real estate insurance cost?
Oegema Nicholson is dedicated to bringing you high-quality coverage — at a price you can afford. The cost for real estate insurance will depend on a number of factors, such as the type of business you’re in, the location in which you offer this business, and whether any previous claims have been paid out in the past.
Should you work in a region where claims are prevalent, you may pay a higher premium for insurance. One way to ensure you’re not overpaying is to work with a trusted broker, who can determine the right amount of coverage for your needs.
Why trust Oegema Nicholson?
Whether your run a real estate brokerage or property investment firm, depend on Oegema Nicholson to protect your company’s most valuable assets. A good real estate insurance policy can provide you with peace of mind, so you can continue to deliver excellent service to your clients. Our team has the expertise to help you create an effective insurance strategy — with affordable premiums and coverage solutions that meet your unique needs.
For more information on real estate insurance, call us at 613-224-1455 or contact us here.