NEXT earned our top spot for the best small business insurer for real estate companies for its competitive rates and coverage. However, we recommend comparing quotes from our other top picks, including The Hartford, biBerk and Simply Business.
Best Real Estate Business Insurance
Updated: July 9, 2025
Advertising & Editorial Disclosure
Key Takeaways
NEXT is the best business insurance company for real estate firms because it offers the best balance of competitive rates and customer service.
NEXT offers the cheapest overall commercial insurance rates across multiple coverage types for real estate businesses.
To shop for business insurance for your real estate business, research industry risks, talk to agents and other real estate professionals, and compare multiple options.
Best Business Insurance for Real Estate Companies
| NEXT Insurance | 96 | 98 | 94 |
| The Hartford | 94 | 95 | 91 |
| biBERK | 94 | 97 | 91 |
| Simply Business | 91 | 92 | 83 |
| Hiscox | 90 | 93 | 87 |
| Coverdash | 89 | 89 | 83 |
| Chubb | 89 | 87 | 87 |
| Progressive Commercial | 89 | 92 | 81 |
| Thimble | 88 | 91 | 81 |
| Nationwide | 86 | 80 | 91 |
*All scores were based on a real-estate business with two employees across professional liability, general liability, workers' comp and BOP policies.
1. NEXT
pros
Fast digital quoting and onboarding
High customer satisfaction score
Competitive pricing across policy types
cons
Fewer options for complex firms
COMPANY HIGHLIGHTS
NEXT tops our rankings for real estate companies due to its low prices, ease of use, and stellar customer reviews. It offers strong affordability across general liability, workers’ comp and BOP coverage, making it a standout for solo agents and small brokerages. NEXT’s platform is entirely digital, allowing for quick policy setup and same-day proof of insurance. With a 4.7‑out‑of‑5 rating from thousands of small business owners, it’s a favorite among time-strapped professionals. While NEXT may not suit firms with complex staffing or property management operations, it excels for lean, fast-moving real estate pros.
2. The Hartford
pros
Cheapest professional liability policy
A+ financial strength from AM Best
Strong customer service
cons
Website experience is less modern
COMPANY HIGHLIGHTS
The Hartford is a reliable choice for real estate companies looking for robust, trustworthy coverage, especially if professional liability is a priority. It offers the lowest monthly rate for E&O (errors and omissions) insurance among all carriers we reviewed. Backed by an A+ rating from AM Best, it’s well-known for paying claims promptly and offering broad protection. The Hartford also provides competitively priced workers’ comp and general liability insurance, making it a versatile option. It’s ideal for firms that value strong financial backing and support over purely digital convenience.
3. biBerk
pros
Cheapest general liability and BOP
Backed by Berkshire Hathaway
Straightforward online quote system
cons
Limited customization and support
COMPANY HIGHLIGHTS
biBerk leads on price, offering the lowest average costs for both general liability and BOP insurance for real estate professionals. Its simple approach works best for agents and brokers who want to minimize premiums while still covering core business risks. Owned by Berkshire Hathaway, biBerk combines affordability with long-term financial strength. Although it may not offer much flexibility in tailoring coverage, it’s a top choice for solo agents or small offices with standard risk profiles. It’s best for cost-conscious firms that value simplicity over bells and whistles.
Cheapest Business Insurance for Real Estate Firms
Based on our study of business insurance pricing, biBerk offers competitive rates for real estate companies, leading in general liability and BOP coverage. However, this applies only to real estate companies with two employees, and you may find lower rates elsewhere. Below are the most affordable providers by major coverage types.
Cheapest General Liability Insurance for Real Estate Companies
With an average monthly rate of $23, biBerk offers the lowest-cost general liability insurance for real estate companies. Even so, consider getting quotes from the next-most-affordable insurers: NEXT and The Hartford.
| biBERK | $23 | $280 |
| NEXT Insurance | $24 | $283 |
| The Hartford | $43 | $513 |
| Hiscox | $44 | $528 |
| Simply Business | $50 | $605 |
| Progressive Commercial | $51 | $617 |
| Thimble | $55 | $659 |
| Chubb | $63 | $760 |
| Coverdash | $65 | $782 |
| Nationwide | $120 | $1,446 |
Cheapest Workers' Comp Insurance for Real Estate Companies
For real estate businesses shopping for workers' comp insurance, Thimble tops our list as the most affordable insurer, with average rates of $13 per month or $154 yearly. You may also find competitive rates with Hiscox, Progressive Commercial, Simply Business and NEXT.
| Thimble | $13 | $154 |
| Hiscox | $14 | $172 |
| Progressive Commercial | $14 | $166 |
| Simply Business | $14 | $171 |
| biBERK | $15 | $181 |
| Coverdash | $15 | $176 |
| NEXT Insurance | $15 | $179 |
| The Hartford | $15 | $174 |
| Nationwide | $16 | $193 |
| Chubb | $17 | $207 |
Cheapest Professional Liability Insurance for Real Estate Companies
The Hartford offers the most affordable professional liability insurance options for real estate companies, with low average monthly rates of $112. You may also want to compare prices from other low-cost providers like NEXT, Progressive Commercial and Simply Business.
| The Hartford | $112 | $1,348 |
| NEXT Insurance | $117 | $1,408 |
| Progressive Commercial | $118 | $1,422 |
| Simply Business | $123 | $1,479 |
| Hiscox | $124 | $1,489 |
| Thimble | $124 | $1,484 |
| Coverdash | $126 | $1,516 |
| biBERK | $130 | $1,558 |
| Nationwide | $135 | $1,622 |
| Chubb | $146 | $1,751 |
Cheapest BOP Insurance for Real Estate Companies
biBerk provides the most affordable business owner's policy (BOP) coverage for real estate companies, with an average yearly cost of $363 for bundled general liability and property protection. That's a savings of roughly $47 annually compared to NEXT, the second most affordable option.
| biBERK | $30 | $363 |
| NEXT Insurance | $34 | $410 |
| The Hartford | $54 | $653 |
| Hiscox | $66 | $794 |
| Simply Business | $76 | $907 |
| Progressive Commercial | $78 | $933 |
| Thimble | $85 | $1,021 |
| Coverdash | $94 | $1,128 |
| Chubb | $96 | $1,147 |
| Nationwide | $181 | $2,172 |
What Type of Coverage Do You Need for a Real Estate Business?
Most companies with employees are legally required to carry workers' comp insurance, and businesses that use vehicles must have commercial auto coverage. Many clients or contracts also require businesses to carry general liability insurance before starting work. A surety bond may also be necessary in certain industries, especially when contracts require guarantees of service or compliance.
RECOMMENDED REAL ESTATE BUSINESS COVERAGE
General liability insurance is strongly recommended for real estate companies because it covers common risks like bodily injury, property damage and legal defense costs. Professional liability insurance is also a smart option for businesses that work under client contracts or provide specialized services. This coverage becomes especially useful for companies offering specialized services or handling large contracts where the risk of disputes is higher.
Coverage Recommendations by Real Estate Company Type
We've broken down risk considerations and coverage recommendations by real estate business type, ordered from highest to lowest risk for claims frequency. Real estate businesses should evaluate their specific services and choose insurance coverage that matches their risk profile. Higher-risk businesses should consider broader protection against potential claims.
Real Estate Company Type | Coverage Types Recommendation | Most Common Insurance Claims | Most Common Reasons For Litigation |
|---|---|---|---|
Residential Brokerage Firm | General Liability, Professional Liability, Workers’ Comp, Cyber Liability, BOP | Slip-and-falls at showings, client misrepresentation claims, data loss | Failure to disclose defects, breach of contract, E&O claims |
Commercial Real Estate Firm | General Liability, Professional Liability, Commercial Auto, Workers’ Comp, BOP | Client property damage, professional advice disputes, employee injury | Contract breaches, property access injury claims, valuation errors |
Property Management Company | General Liability, Professional Liability, Workers’ Comp, Employment Practices Liability, BOP | Tenant slip-and-falls, negligent maintenance claims, staff disputes | Discrimination or eviction lawsuits, premises liability, maintenance neglect |
Real Estate Appraisal Business | Professional Liability, General Liability, Cyber Liability | Inaccurate valuation, missed deadlines, client financial loss | Valuation disputes, client income loss, data security issues |
Real Estate Investment Firm | General Liability, Commercial Property, Cyber Liability, Directors & Officers (D&O) | Property damage, investor claims, regulatory issues | Fiduciary liability, investor lawsuits, financial mismanagement claims |
How to Get the Best Cheap Business Insurance for Your Real Estate Company
Here's a step-by-step method for finding the best and cheapest business insurance for your real-estate company.
- 1
Decide on coverage needs before buying
Consider risks specific to your business for claims, get advice from similar businesses, talk to agents and research the types of business insurance. This will give you a balanced perspective on your coverage needs and prevent you from being convinced to get excessive coverage.
- 2
Research costs
To ensure you get the best deal, research average costs for your business profile and determine which providers offer the cheapest rates overall. This will give you a measuring stick for how much you're saving when comparing quotes and which companies to start with.
- 3
Look into company reputations and coverage options
To further narrow your list, research what customers say on online rating sites and forums to get a more comprehensive look at company services. Also, to align with your coverage needs and future ones, research coverage options to ensure you're covered for the right items.
- 4
Compare multiple quotes through different means
The best way to find the lowest rates is to compare multiple quotes for apples-to-apples coverage. Pricing differs by your comparison method, whether with captive agents, comparison sites, company websites or independent agents.
- 5
Reassess annually
Your business situation will change, influencing your rates and coverage needs. Repeat these steps annually to ensure you still have the best deal.
How to Decrease Your Real Estate Business's Liability Risk
Reducing liability risks helps real estate businesses manage insurance costs. We've organized risk mitigation strategies by business type or risk level to help you find the most suitable approach.
Risk Level | Included Types | Risk Mitigation Tactics |
|---|---|---|
Highest | Property management firms, large brokerages with multiple agents | Require licensed professionals. Document all communications. Maintain general and professional liability. Use tenant/property checklists and signed disclosures. |
Moderately High | Commercial firms, investment groups, and mixed-use developers | Ensure staff training on legal risks. Secure proper cyber coverage. Use contracts with indemnity clauses. Monitor property conditions and partner conduct. |
Moderate | Residential brokerages, appraisal firms | Use standard real estate disclosure forms. Carry E&O and general liability insurance. Maintain organized client records and communications. |
Moderately Low | Solo real estate agents with limited listings | Stick to MLS-listed properties. Avoid high-risk clients. Carry basic liability and E&O. Use client consultation records. |
Lowest | Referral-only agents, inactive license holders, or real estate educators | Avoid active representation roles. Carry basic liability or professional insurance if giving advice. Include disclaimers in education materials. |
Best Insurance for Real Estate Business: Bottom Line
NEXT is the best insurer for real estate business insurance, offering the most affordable coverage overall. We also recommend getting quotes from The Hartford, biBerk and Simply Business. For the best deal, consult agents, research providers and pricing, and compare multiple quotes side by side.
Real Estate Business Insurance: FAQ
Below, we answer common questions about real estate business insurance.
Who offers the best real estate business insurance overall?
NEXT offers the best business insurance for real estate companies with a stellar customer service rating and an impressive MoneyGeek score of 96 out of 100. The Hartford follows closely, highlighting competitive options for real estate businesses.
Who has the cheapest business insurance for real estate companies?
Here are the cheapest business insurance companies for real estate businesses by coverage type:
- Cheapest general liability insurance: biBerk at $23 per month
- Cheapest workers' comp insurance: Thimble at $13 per month
- Cheapest professional liability insurance: The Hartford at $112 per month
- Cheapest BOP insurance: biBerk at $30 per month
What business insurance is required for real estate organizations?
Workers' compensation insurance (if you have employees) and commercial auto insurance (if you own business vehicles) are legally required for real estate businesses, with requirements varying by state. While not legally mandated, general liability insurance and surety bonds are effectively required by most commercial clients and property leases.
How much does real estate business insurance cost?
Business insurance costs for real estate companies depend on your services, property access, and client volume. Below are the average monthly costs for commonly needed policies:
- General liability: $51 per month
- Workers comp: $15 per month
- Professional liability: $124 per month
- BOP insurance: $78 per month
How We Chose the Best Real Estate Business Insurance
We selected the best business insurer for real-estate companies based on the following criteria:
- Affordability (50% of score): The lower a company's costs compared to the competition based on our base profile for four core coverage types, the better it performs.
- Customer service (30% of score): We scored providers on overall customer satisfaction using industry studies, customer review forum ratings and public forum sentiment analysis from sites like Reddit.
- Coverage (15% of score): We scored business insurance for this category based on the flexibility, payment and actual coverage options.
- Financial stability (5% of score): Using financial stability industry ratings from companies like AM Best and Moody's, we created an overall rating to judge how likely a company is to pay out claims compared to the competition.
All pricing in this article is based on the following base profile to represent the vast majority of small businesses in all states:
- Three-person business with two employees
- Coverage: $1 million per occurrence and $2 million total per year for all but BOP, which includes the same coverage plus $5,000 of business property coverage
- $150,000 in payroll
- $300,000 annual revenue
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- AM Best. "Hartford Fire Insurance Company." Accessed June 16, 2025.
- NEXT. "Customer Reviews." Accessed June 16, 2025.