Embroker, a US digital insurance company, has introduced an insurance programme specifically designed for real estate agents and brokers.
This specialised coverage, built on Embroker’s ONE technology, aims to streamline the process by utilising a single-application approach to offer professional liability, cyber, business owners’ and workers’ compensation coverage.
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In May 2024, Embroker conducted a survey with more than 150 real estate leaders, agents and auditors to identify the unique risks and challenges they face.
The findings indicated that the real estate industry is under considerable pressure, with frequent critical errors leading to financial losses.
The survey by Embroker revealed that more than half of the professionals in the industry depend almost entirely on their mobile phones for work, with 35% admitting to making frequent mistakes while using them.
This has resulted in nearly half of the respondents’ companies reporting financial losses.
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By GlobalDataAdditionally, 48% of real estate professionals have filed a professional liability claim in the past year, demonstrating the need for tailored professional liability coverage.
Cyber threats are another concern for real estate professionals, with 45% having suffered a breach and 82% facing phishing attempts.
Despite these risks, only 37% have updated their cyber coverage recently.
Embroker’s cyber liability coverage is designed to protect these professionals from the financial consequences of both current and emerging cyber threats.
Furthermore, Embroker said that its approach ensures that all aspects of a real estate company’s operations are protected, addressing the shortcomings of generic policies.
The business owners’ policy included in Embroker’s real estate programme covers essential risks such as slips and falls and property damage.
As Embroker continues to expand its offerings, it aims to provide solutions for other underserved industries.
Embroker CEO Ben Jennings said: “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.”
In June 2021, Embroker raised $100m in a Series C funding round led by FTV Capital.
