Insurance for Real Estate Agents

Generally yes, Professional Indemnity is mandatory to obtain a real estate licence in most states. Real estate agents and property professionals are often required to have minimum levels of cover to maintain their licences.
Even if it’s not a legal requirement in your state or territory, it may still be worthwhile considering, as professional indemnity claims and lawsuits can be expensive.

Professional Indemnity and Public Liability policies help real estate agents manage common, yet different, industry risks.
Professional Indemnity insurance can help you manage compensation claims and legal fees that arise due to errors or omissions in your professional advice or services.
Public Liability insurance is designed to provide protection for your real estate business in the event someone is injured or sustains property damage due to your negligent business activities. A Public Liability policy can cover you whether you’re showing a home or meeting with clients in your office.

Real estate and property professionals handle sensitive client data and handle large financial transactions, which makes them attractive targets for cyberattacks. Cyber Liability provides essential protection in the event of a cyber threat. It helps real estate agents cover many types of cybercrime, like cyberattacks, ransomware, and data breaches. These policies typically cover legal costs, data recovery, fines and penalties, and other expenses related to the cyber event.

A claims-made policy covers claims that are first made during the policy period. A claims made policy may cover circumstances that occurred before the policy was purchased, so long as:
– The circumstances that lead to the claim occurred after the policy’s retroactive date (either the date from which you have held uninterrupted cover or the date from which the insurer has agreed to cover you)
– The potential claim was notified to the insurer while the policy is active.
Professional Indemnity insurance is the most common claims-made policy taken by real estate agents.

With BizCover, a certificate of currency is instantly emailed to you after purchasing a policy. You can also download unlimited copies at any time through our customer portal anytime you need.