This tailored coverage, leveraging Embroker’s ONE technology, simplifies the process through a single-application approach, providing professional liability, cyber, business owners’ and workers’ compensation coverage.
In May 2024, Embroker surveyed over 150 real estate leaders, agents, and auditors to understand the specific risks and challenges they encountered. The survey revealed significant pressure within the real estate industry, with frequent critical errors leading to financial losses.
More than half of the professionals surveyed rely heavily on their mobile phones for work, with 35% admitting to frequent mistakes while using them, resulting in nearly half of the respondents’ companies experiencing financial losses. Additionally, 48% of real estate professionals filed a professional liability claim in the past year, underscoring the necessity for specialised professional liability coverage.
Cyber threats are a growing concern, with 45% of real estate professionals having suffered a breach and 82% facing phishing attempts. Despite these risks, only 37% have recently updated their cyber coverage.
Embroker’s cyber liability coverage aims to protect these professionals from the financial consequences of both current and emerging cyber threats. Embroker’s approach ensures comprehensive protection for all aspects of a real estate company’s operations, addressing the gaps left by generic policies. The business owners’ policy included in Embroker’s real estate programme covers crucial risks such as slips and falls and property damage.
As Embroker expands its offerings, it aims to provide solutions for other underserved industries.
Embroker CEO Ben Jennings commented: “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 from 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 $100 million in a Series C funding round led by FTV Capital.
