Real Estate Agents Business And Professional Indemnity Insurance

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Business and 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.

Many Business Owners are UNSURE if they are COVERED PROPERLY.
We help them find affordable and SUITABLE INSURANCE so they can run their business with CONFIDENCE.*

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 $900.
    Real estate agents business insurance cost: from $1150 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.

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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.

Why should real estate agents use an insurance broker?*

If you are a real estate agent deciding on whether to use an insurance broker for your business and professional indemnity insurance it is important to consider that brokers act in the interests of the small business owner. Direct insurers and agents act for the insurer. This can be important especially if you need to claim.

Brokers can help real estate agents by sourcing competitive quotes on policy inception, negotiate with the insurance companies to prevent or limit increases on renewal, remarket your policy to other suitable insurance companies where appropriate, talk to underwriters about policy wordings, industry classifications and terms, talk to insurance assessors during the claims process and repairers where necessary.

  • We act for you – the real estate agent – not the insurance company
  • You’ll receive a competitive quote on a suitable policy
  • You receive responsive friendly service.
  • You’ll receive a competitive rate on a suitable policy year after year
  • You’ll have us in your court if you need to claim
  • Monthly payment options
  • We’ll do the leg work for you!

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Errors and omissions insurance for real estate agents*

  • Errors and omissions insurance for real estate brokers and agents is typically a feature of professional indemnity insurance cover.
  • Also known as “e & o insurance” or “e & o cover” for real estate agents, claims arising against real estate agents as a result of some errors and omissions, may be covered under a real estate agents professional indemnity cover.
  • As policies vary between pi insurers and exclusions apply, it is recommended you talk to a SMART business insurance broker on 1300 542 573 for more information.
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