GUIDES & RESOURCES

Real Estate Agent insurance

Working as a real estate agent comes with a variety of risks. Your daily duties of managing and inspecting properties, and providing professional advice to both sellers and buyers puts you in a number of scenarios that could trigger a claim.
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Professional Indemnity Insurance for real estate businesses

Professional Indemnity (PI) Insurance is an important form of protection for real estate businesses that provide specialist services or professional advice.  It’s designed to respond to claims against your real estate business for losses as a result of actual or alleged negligent act or omission in the provision of your professional service or advice.

Professional Indemnity Insurance could also assist with the legal costs associated with responding to or managing claims which are covered by the policy.

Public Liability Insurance for real estate businesses

Public Liability Insurance is designed to provide protection for you and your real estate business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.   

Cyber Liability Insurance for client database and website

Cyber Liability Insurance is a type of Business Insurance product which helps protect your real estate business against the legal costs and expenses (including compensation payments) related to cybercrime incidents. Your coverage may include cover for expenses and legal costs relating to the following:

  • Data breaches
  • Theft or loss of client information
  • Business interruption costs
  • Forensic investigation
  • Data recovery
  • Extortion
  • Fines and penalties
  • Crisis management costs (to restore your businesses reputation after an attack or data breach)
  • Legal costs from any ensuing civil action taken against you or your company

Commercial Property Insurance

A typical Commercial Property Insurance policy helps provide coverage for damage to your insured property including fixtures and fittings, as well as services and utilities provided to the building, subject to the limits and exclusions of the particular policy.

Under a typical policy, your real estate branch office could be covered for events such as:

  • Fire
  • Explosions
  • Earthquake
  • Lightning
  • Storms (including rain, hail, snow and wind)
  • Malicious damage
  • Impact by vehicles

What are some of the risks of running a real estate business?

Whether you work across residential or commercial property, there a variety of risk scenarios that Business Insurance could provide protection for. These could include: 

  • Breach of contract or duty of care
  • Allegations of misrepresentation or creating misleading impressions
  • Poor property management
  • Not adhering to auction rules
  • Underquoting
  • Incorrect or misleading advice
  • Negligent preparation of contracts/documents
  • Failure to follow all legal requirements
  • Accidentally damaging a person or their property during an inspection

Compare Business Insurance for Real Estate Agents with iSelect and BizCover

iSelect has partnered with BizCover to help small businesses find business insurance. Compare a range of products online, and select the policy of your choosing. Compare online today or call our team on 13 19 20.

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