How real estate agents could save on their business insurance

Are you a real estate agent looking to renew your business insurance policy? If so, you may notice that the price of your insurance policy has increased. And you may not be alone in that.

Across the board insurance premiums are on the rise. And on top of that, coverage may have changed for different policies, with some insurers potentially excluding certain types of risks while also lowering policy limits.

Just as there are several factors that influence pricing in the housing market, so too are there many reasons why the price of business insurance premiums can increase. From interest rates to inflation, your insurance premiums are subject to the push and pull of market forces.

While no-one enjoys a price increase, particularly when it applies to an essential purchase, it does give rise to the opportunity to shop around, find a better deal, take your business elsewhere, and save on real estate insurance costs.

What business risks can be covered by insurance?

Real estate agents can carry a lot of responsibility. Fortunately, there are many different types of insurance designed to safeguard against the risks that real estate agents such as yourself face every day.As a real estate agent, you offer your educated advice on what could well be one of the most expensive business purchases they will make. As such, if you give clients incorrect advice and it leads to financial losses for them, you may be held accountable.

Let’s look at some types of real estate business insurance that real estate agents may consider purchasing to reduce their exposure to risk.

Professional Indemnity insurance

Professional Indemnity (PI) insurance* could help protect you in such situations because it is designed to respond to claims against your business for losses because of actual or alleged negligent acts or omissions in the provision of your professional service or advice. It can also help with the legal costs of responding to claims covered by the policy.

Public Liability insurance

Public Liability insurance* is another popular choice for real estate agents who are looking for proactive ways to reduce the risks to their business.

As the old adage goes, accidents can happen. It may be a client accidentally tripping down the stairs while visiting your business premises, or you unintentionally damaging their property. This is where Public Liability insurance can help save the day and reduce the impact on your business.

Public Liability insurance* protects you and your real estate agency in the event that a client, member of the public, or supplier is injured or sustains damage to their property as a result of your negligent business activities.

It’s not only about price

While price should be factored into your real estate business insurance decision-making, there are other important details to consider as well. Some business insurance may be well-priced; however it may not provide adequate cover for all of the risks that your real estate business faces. This could lead to your business not being covered in the event that you need to make a claim.

So it’s important to clearly understand what will and what won’t be covered by any business insurance policy you are looking at before you purchase it.

As a real estate agent, your priority is helping your clients realise their real estate dreams. So let BizCover help out with your real estate business insurance*. With our simple to use online platform you can compare real estate insurance quotes quickly while saving on your real estate insurance costs. Visit the us or call us on 1300 920 864.