Insurance for Real Estate Agents
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Why do Real Estate Agents need Insurance?
Just because the property market can be unpredictable doesn’t mean your insurance should be . With BizCover you can get multiple competitive quotes from some of Australia’s leading 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!
Did you know?
The NSW Government requires that all licensees under the Property, Stock and Business Agents Act 2002 (and associated Regulations) hold a policy that provides not less than $1 million Professional Indemnity Insurance cover for any one claim and $3 million in the aggregate for all claims made during the period of the insurance.** There are different requirements for each State and Territory in Australia. You should consider those which apply to your business.
What insurance do Real Estate Agents need?
Cover generally taken by others in your industry to protect the essential risks of doing business.
Professional Indemnity Insurance
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 important protection against potential losses arising out of errors or omissions in the practice of your profession, including:
- Negligence in rendering professional services
- Misleading and deceptive conduct
- Poor property management
- Some statutory breaches
Buying or selling property is a complex process, which is what your clients pay you to manage. 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 help ensure your reputation doesn’t go under the hammer should something go wrong.
That’s where Professional Indemnity Insurance comes in. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. Personal Indemnity Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.
Next level defence
Additional cover regularly selected by others in your industry to give them a higher level of protection for their business. Choose from coverage options including:
Public Liability Insurance
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.
Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. In addition, cover is available for public liability, tax audit, employment practices and statutory liability risks.
If any of the following circumstances relates to your business then you should consider Business Insurance to help ensure you are adequately protected:
- Do you own an office or have business contents within your office?
- Do you rely on computing equipment/servers to get your work done? If they were to break down could you cover the cost of repairs or restoration?
- If your business was out of action temporarily due to an event such as a fire, would you still be able to earn an income?
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!
A Real Estate agency had a ransomware virus enter their computer system where the hacker demanded a payment of US$500. The Real Estate agent was unable to run the business 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 and payment of the ransom.
3 questions to ask yourself when buying insurance
- Is the policy inclusive of or exclusive of defence costs? With a ‘costs inclusive’ policy, defence costs (which include legal costs and investigations costs) and compensation payments both erode the level of cover– ‘costs exclusive’ means defence costs are in addition to the level of cover you select.
- Are all aspects of your business covered? Have you considered your business assets and confidential data?
- Does the cover meet the requirements of the current legislation in the State or Territory in which your work?
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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