Being a real estate agent is an exciting and ever-changing career. You’re there to help your clients find and sell their properties, a job that certainly doesn’t come without its risks. From providing professional advice to storing sensitive client details online, it’s important to consider the appropriate kinds of insurance you may require to keep your business safe.
Let us guide you through the nitty gritty of how business insurance can protect your real estate business. These are some of the typical kinds of cover real estate agents need to consider.
Professional Indemnity Insurance
In the real estate business, you have a great deal of responsibility. Your clients put their trust in you to help with life-changing decisions about their property journey, and no matter how much care you may take mistakes can still occur.
Professional Indemnity insurance 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.
Your Professional Indemnity insurance may also provide 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
Public Liability Insurance
Interacting with clients and the public there’s an added exposure for things to go wrong. From a client accidentally tripping down the stairs at your office, or you causing damage to their property, things don’t always go to plan and that’s where Public Liability insurance saves the day.
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.
There are a variety of different types of cover options available in a Business Insurance package (sometimes known as a BizPack). It is 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.
Take the time to look at the following circumstances that may relate to your business. This will help you consider whether you are adequately protecting your business.
- 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?
When you are handling and storing client data, the implications for your business if there was a breach or it was stolen or hacked could be devastating. Get peace of mind with Cyber Liability insurance.
Cyber Liability insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a covered cyber claim will also be met.
Sorting out your insurance has never been easier. At BizCover, we know you’re busy buying and selling properties so leave the shopping around to us. We provide multiple quotes from some of Australia’s leading insurers in minutes without the messy paperwork.