What is business and professional indemnity insurance for real estate agents?*
Suitable business and professional indemnity insurance for real estate agents may provide cover for professional indemnity and public liability cover under a combined policy.
For example, business and professional indemnity insurance for real estate agents may include losses arising out of acts, errors and omissions from real estate agency sales and property management services provided such as representation of a property for sale or lease, advice provided regarding a property, actions taken or not taken in relation to property.*:
What are the insurance requirements for real estate agents in Australia?*
Wherever you are in Australia, as a real estate agent, you require suitable and affordable insurance cover, including professional indemnity and public liability, to protect yourself and your business from potential claims that may arise from your business activities.
Below are a number of insurance requirements for real estate agents:
- Professional Indemnity– as your provide professional advice or service in relation to property sale or management for a fee.
- Public liability insurance- is a core cover for all Australian businesses - including for real estate agents - to cover you against damage to a third person or their property.
- Commercial property insurance- cover the loss or damage to buildings and property.
- Business insurance pack – you may be able to combine multiple covers such as business property, fire and perils, theft and money in a specially designed policy for a real estate agent. Ask your SMART broker for details.
- Commercial motor – may cover any vehicle that you own and use mainly for business.
- Personal Accident and Sickness – to protect your personal income if you can't work for an extended period.
- General property insurance is the name of the policy that may cover damage or loss to a real estate agents business equipment such as , mobile, and computers
- Cyber insurance - eg .Data breach containing confidential client information
Our team of friendly brokers are here to make it easy for you to find suitable cover for your real estate agents insurance requirements. Simply call us on 1300 542 573 or contact us online.
Why do real estate agents need professional indemnity insurance?*
Real estate agents need professional indemnity insurance to cover for business risks such as incorrect advice, failure to take action reasonably expected from a client, ambient claims for damages for losses by clients in relation to a property sale, failure to manage a property to client expectations.
Note that real estate agents can be held liable for the advice or the services they perform that may cause financial loss to a third party. As a result real estate agents need professional indemnity insurance.
Professional indemnity insurance may provide real estate agents cover for damages arising for claims arising from breach of professional duty in relation to:
- Civil Liability
- Contractual Liabilities
- Libel and Slander
- Unintentional Infringement for Intellectual Property
If you are a real estate agent looking for professional indemnity insurance please call 1300 542 573 to TALK to a SMART business insurance broker about a suitable policy at an affordable cost for your business.
What type of real estate agents need professional indemnity insurance?*
All real estate agents that charge a fee for advice or a service need professional indemnity insurance.
For example, any professional performing the following services in the real estate industry services needs professional indemnity insurance.
- Real Estate Sales
- Property Management
- Body Corporate/Strata Management
- Stock and Station Agent
- Leasing Consultant
How much does real estate agents insurance cost?*
For many self-employed sole proprietor real estate agents a $1million professional indemnity insurance policy starts from $780.
Real estate agents business insurance cost: from $1080 for $1 million professional indemnity PLUS $5 million public liability insurance.
Please note : pricing may vary significantly from the above based on your size, clients, experience and specific real estate agents business activities.
For a real estate agents professional indemnity and public liability insurance cost for your business TALK to a SMART Business Insurance broker on 1300 542 573.
How do I get a Real Estate Professional Indemnity Insurance broker quote?*
Depending on the nature of your real estate industry activities, the size of your transactions, the size and type of clients you service and whether you are a sole trader, or employ staff or sub-contractors , different insurance companies and underwriters are likely to provide suitable and affordable cover.
For a suitable and affordable business and professional indemnity real estate agents insurance quote for your requirements TALK to a SMART Business Insurance broker on 1300 542 573 or contact us online.