Real Estate Agent Insurance
Real Estate Agent Insurance
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Why real estate agents might need insurance?
As a real estate agent, your role entails a range of responsibilities and interactions, which often involves a unique set of risks. From cyber security issues to misrepresentation to property damage, there are a number of potential scenarios that could land you in hot water. Without the right business insurance in place, you could be left to cover the cost of these claims yourself, which could ultimately impact your business.
What risks are associated with being a real estate agent, and how can insurance help?
Regardless of whether you work across residential or commercial real estate, there a variety of risks that business insurance could provide protection for. These could include:
- a breach of contract or duty of care
- allegations of misrepresentation or creating misleading impressions
- poor property management
- incorrect or misleading advice
- negligent preparation of contracts or documents
- failure to follow legal requirements
- accidentally damaging a person or their property during an inspection.
What type of insurance might be relevant for real estate agents?
The world of real estate comes with a wide range of risks. With this in mind, insurers may provide several types of insurance that cover different facets of your business.
Professional indemnity insurance
As a real estate agent, you’re often tasked with providing specialist services and professional advice to your clients. If you provide inaccurate advice, you misrepresent a property or you fail to disclose important information, it could lead to legal action from clients.
Professional indemnity insurance provides protection for financial loss and legal costs in the event of a claim s arising from errors, omissions, negligence or breaches of duty.
Public liability insurance
Each day you interact with a range of different stakeholders. Whether you’re dealing with clients, suppliers or members of the public, it’s important to make sure you’re covered if someone is injured or their property is damaged due to negligent business activities.
Public liability insurance gives you protection against claims related to bodily injury or property damage that occurs in connection with your business activities.
Cyber liability insurance
Real estate databases often contain sensitive client information, making them targets for cyber-attacks like data breaches or phishing. It’s up to you to safeguard the security of this information while it’s in your hands.
Cyber liability insurance is a type of business insurance that helps protect your real estate business against the legal costs and expenses (including compensation payments) related to cybercrime. Your policy might include cover for expenses and legal costs relating to:
- data breaches
- data recovery
- theft or loss of client information
- business interruption costs
- forensic investigation
- extortion
- fines and penalties
- crisis management costs (to restore your business’ reputation after an attack or data breach)
- legal costs from any ensuing civil action taken against you or your company
Commercial property insurance
If your real estate business operates out of a commercial premises, it can often be a good idea to take out insurance to protect your space from damage.
Under a typical commercial property insurance policy, your real estate office could be covered for events such as:
- fire
- explosions
- earthquake
- lightning
- storm damage
- malicious damage
- impact by vehicles
BizCover offers a similar policy known as building and contents insurance.
Is insurance mandatory for real estate agents?
To work legally as a real estate agent in some states, you must hold professional Indemnity insurance. Professional Indemnity insurance is intended to cover your business for losses if there are claims of negligence, errors or omissions in your professional services. If you employ staff as part of your business, you’ll also need to take out workers compensation insurance.
That said, there are a range of other risks that come with working in real estate that Professional Indemnity cover won’t protect you against. With this in mind, it’s important to consider your needs and invest in cover to protect your business.
*BizCover currently doesn’t offer workers compensation insurance.
Helpful tip
As a real estate agent, tailoring your insurance to your specific business risks can save you from significant financial loss. Whether you’re working solo or managing a team of agents, it’s essential to reflect on your business’ individual needs when selecting insurance policies.
How much does business insurance for real estate agents cost?
Like most insurance premiums, the cost of business insurance for real estate agents depends on your business, the level of cover you decide on and the type of insurance you take out.
According to our insurance partner, BizCover, over 71% of real estate agents paid less than $119 per month on average for their insurance in 2022–23.1Bizcover – How much does insurance for real estate agents cost?
How do I determine how much coverage I need?
As a real estate agent, your work is often varied, so it’s important to consider several different factors to figure out how much cover you’ll need. When it comes to working out how much insurance cover you need, you’ll often need to assess:
- the size of your business
- the type of risks you’re exposed to
- your business assets, including equipment and premise
But remember, a cheaper policy doesn’t necessarily mean a better one. Be sure to familiarise yourself with the policy wording or product disclosure statement (PDS) to make sure you’re signing up for the cover you need.
Where can I find and compare business insurance?
As a real estate agent, you’re in the business of helping others find the perfect property. But in order to keep that dream alive it’s essential to protect your business from potential risks.
At iSelect, we’ve partnered up with BizCover to help you compare business insurance policies. Compare quotes from a range of trusted insurance providers online now.

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We’ve partnered with BizCover to help you compare from a range of business insurance policies.
^As with any insurance, cover is subject to the terms, conditions and exclusions contained in your policy document. The information contained on this webpage is general only and should not be relied upon as advice.
iSelect’s partnered with BizCover Pty Ltd (ABN 68 127 707 975: AFSL No.501769) to help you compare small business insurance policies. iSelect earns a commission from BizCover for every policy sold through the website or contact centre. iSelect and BizCover do not compare all providers in the market, or all policies offered by all providers. iSelect does not arrange policies from the providers we compare for you directly, but iSelect will refer you to our trusted partner, BizCover Pty Ltd who can.
Any advice provided on this website is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policy. You need to consider if the insurance policy is suitable for you. Please read the Financial Services Guide before buying any insurance policy.
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