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Just because the property market is unpredictable doesn’t mean your insurance needs to be too. With BizCover you can get multiple competitive quotes from some of the best insurers on the block with just a few clicks or a single phone call. Select your preferred policy and you’ll be covered instantly – now that’s a sound investment!
The NSW Government requires that all licensees under the Property, Stock and Business Agents Act 2002 hold a minimum of $1 million Professional Indemnity Insurance, with a number of set policy inclusions.
Are the details accurate? Is the property valued correctly? Is that your opinion or a statement of fact? For Real Estate Agents, Professional Indemnity insurance provides essential financial protection against potential losses arising out of acts, errors and omissions from professional services provided, including:
Buying or selling property is a complex process, which is what your clients pay you for. Therefore, the service you provide must be of a higher standard than the average man in the street. Putting some risk management in place will ensure your reputation doesn’t go under the hammer should something go wrong.
It’s likely that you have an office for your clients to visit and you are often visiting your client’s properties. Public Liability insurance is designed to provide protection for you and your real estate agency in the event a client, supplier or a member of the public is injured or sustains property damage as a result of your negligent business activities .
If any of the following circumstances relating to your business then you should consider Business Insurance to ensure you are adequately protected:
Consider the client data you are storing and the implication on your business if there was a breach of confidentiality by being hacked and your data stolen. Ensure your business is covered against the expense and legal costs associated with data breaches before your data is going once, going twice….. gone!
| *As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice. |
An agent deliberately sold a couple’s home for significantly under the property’s value to an investor whom she knew. Six months later the investor on-sold the property through the same agent to an overseas buyer making a significant profit. The couple who were the original owners of the home successfully sued the agent for $1 million for not revealing that she knew the investor often purchased properties to resell at a profit, and for not disclosing her previous involvement in several of his previous purchase and resales.
A real estate had a ransomware virus enter their computer system where the hacker demanded a payment of US$500 be made. The real estate business was unable to function normally for 7 days whilst their data was being restored. Fortunately, they had Cyber insurance and were able to claim $7,440 to cover the cost of restoring the information, payment for the ransom, as well as lost man hours from being out of action.
| State / Territory | Requirements | Minimum Level of PI Insurance |
| New South Wales | Legislative: Property, Stock and Business Agents Act 2002 | $1 million for any one claim, and not less than $3 million in the aggregate |
| Professional Association: REINSW Membership | Contact REINSW for requirements | |
| Victoria | Legislative: Estate Agents Act 1980 (and Regulations) | No requirement |
| Professional Association: REIV Membership | $2 million for any one claim, and not less than $6 mill in the aggregate | |
| Queensland | Legislative: Property Occupations Act 2014 | No requirement |
| Professional Association: REIQ Membership | Min $1 million | |
| South Australia | Legislative: Land Agents Act 1994 | No requirement |
| Professional Association: REISA Membership | Required, however no minimum amount specified | |
| Western Australia | Legislative: Real Estate and Business Agents Act 1978 | No requirement |
| Professional Association: REIWA Membership | Min $1 million | |
| Tasmania | Legislative: Property Agents and Land Transactions Act 2005 | Min $500,000 |
| Professional Association: REIT Membership | Contact REIT for requirements | |
| Australian Capital Territory | Legislative: Agents Act 2003 | Min $10 million |
| Professional Association: REIACT Membership | Min $10 million | |
| Northern Territory | Legislative: Agents Licensing Act | Min $500,000 |
| Professional Association: REINT Membership | Min $500,000 |
One of the critically important aspects of property development in today’s real estate landscape is having the right insurance. Watch to see why BizCover customer, William Lin, ensures he is protected against potential legal disputes.
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