Embroker, the digital insurance company simplifying the insurance buying experience for businesses, has unveiled its specialised 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.
The reason for the new product is to address the unique risks and challenges faced by real estate professionals, as identified in a recent survey.
In May 2024, Embroker surveyed more than 150 real estate leaders, agents, and auditors to understand these risks.
The findings highlighted an industry under significant pressure, with agents making critical errors that lead to financial losses, underscoring the need for bespoke insurance coverage tailored specifically to the real estate industry.
Embroker, which radically simplifies the insurance buying experience for businesses, provides a single-destination solution for insurance needs.
The company’s ONE technology offers a seamless and efficient application process, enhancing the purchasing experience for users. By integrating various types of coverage into one platform, Embroker ensures real estate professionals get the specific protections they need without the complexities of managing multiple policies.
The new product, Embroker’s specialised coverage program, is designed to offer comprehensive protection for real estate professionals. It includes professional liability, cyber, business owners’, and worker’s compensation coverage.
The seamless, single-application experience provided by Embroker’s ONE technology ensures that real estate agents and brokers can secure all necessary coverage efficiently.
Additional information about the product reveals that the coverage addresses critical issues highlighted in Embroker’s survey.
For instance, 48% of real estate professionals filed a professional liability claim in the past year, indicating a high need for robust liability coverage.
Similarly, with 45% experiencing cyber breaches and 82% encountering phishing attempts, the product’s cyber liability coverage is vital for protecting against financial fallout from these threats.
Real estate professionals face various risks, including property damage, business interruption, and general liability.
Embroker’s business owners’ policy for its real estate program includes foundational coverage to safeguard every aspect of a firm’s operations.
This comprehensive approach eliminates gaps often found in generic policies, ensuring real estate firms are fully protected.
As the firm expands its offerings, the company aims to address the threats faced by other underserved industries. The Real Estate program is poised to grow, continuously meeting the evolving needs of the industry.
Ben Jennings, CEO of Embroker, remarked, “Real estate as a profession is facing radical change. Amid layoffs, cyber attacks and shifting buying behaviours, agents and brokers too often aren’t getting the coverage they need out of their insurance policies. 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.”
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