Insurance solutions for real estate agents

To legally operate as a real estate agent in most states in Australia, you must have professional indemnity insurance. 

Additionally, if you employ staff as part of a real estate agency, you also must have workers compensation insurance.

Whilst public liability, management liability and cyber insurance are not mandatory these insurances can help to protect your business against unforeseen circumstances and risks.

As a real estate agent, you handle sensitive financial information, large fund transfers and personal data for your clients, making you a prime target for cyber-attacks.

Cyber insurance can help protect you from financial loss and liabilities resulting from data breaches, cyber-attacks, and other cyber incidents.

Not only can cyber insurance give your clients more confidence in your business, but it can also provide you with access to a 24/7 incident response team and cyber security expertise who can work with you in the event of an incident, removing the need for you to establish separate contracts with other providers. You can even access ransom negotiators.

If a claim (and or a circumstance which may give rise to a claim) is made against you, you must notify your broker as soon as reasonably practicable.  The first step is typically the release of a claim form for completion. It is also necessary to provide a copy of any third-party correspondence and or demands received.  Other pertinent information, dependent on matter/allegations being made may also be required. For example, a copy of the service agreement/contract held with the claimant. 

We want you to get the best possible outcome, so we advocate for you throughout the entire claims process. Claims can be stressful, but we strive to make the process straightforward.

A certificate of currency is proof that you hold a current insurance policy. Once you’ve paid for your real estate agents insurance policy, we’ll email your certificate of currency to you immediately.

Yes. Without the proper cover, your real estate agency is exposed to a plethora of risks. If a claim is made against you and you don’t hold adequate insurance, you’ll need to self-fund the damages and expenses – including the legal costs of defending the claim – the costs of which would add up and potentially leave your personal assets at risk. 

The retroactive date in professional indemnity is the date from which the insurance policy kicks in or starts.

Your insurance policy will cover claims that arise from professional services provided on or after the retroactive date, even if the claim is made after the policy commenced.

It’s an important feature of professional indemnity insurance, as it ensures that you can be protected against claims that may arise from past work, by providing you with coverage for potential liabilities that may arise from errors or omissions made in the past.

Professional indemnity insurance can respond to allegations of breach of professional duty that cause a financial loss. It is designed for activities such as advising clients, preparing marketing materials and managing sales or leasing transactions, subject to policy terms.

Price depends on things like your services, revenue, claims history and selected limits and excess. Insurers set their own pricing criteria. We can discuss options and provide guidance to help you choose cover that suits your agency.

Licensing and insurance expectations can differ by state and territory. Some regulators may require proof of cover to meet licence or membership rules. Check the requirements that apply to your location and activities, and speak with us if you need help.

Public liability insurance can respond to third-party injury or property damage claims arising from your business activities, including associated legal defence costs, subject to the policy wording. It is commonly considered for office locations, inspections and open homes.

Real estate agencies handle personal information and high-value transactions across email and portals. Cyber insurance can support incident response and certain costs or liabilities after events such as phishing, social engineering or ransomware, subject to policy terms.

Management liability can help protect the company and its directors or officers from certain management-related exposures. Depending on the policy, this may include statutory liability, employment practices liability and crime. Limits and eligibility depend on the insurer.

Packages are available from some insurers, and others offer separate policies that can be arranged together. The right setup depends on your risk profile, contracts and budget. We can outline options and any conditions that may apply.

Errors and omissions is another term often used for professional indemnity. It is intended to address claims alleging an error, omission or negligent act in your professional services that leads to a financial loss, subject to the policy wording.

Notify your broker as soon as reasonably practicable if a claim or circumstance arises. Provide relevant documents such as correspondence and service agreements. We coordinate with the insurer and, where applicable, appointed legal support to guide next steps.

NSW licensing and insurance expectations may differ from other states. Consider professional indemnity, public liability, business pack, management liability and cyber based on your activities and contracts. Workers compensation may be required if you employ staff.

Qld agencies should review local licensing rules and any insurance expectations. Professional indemnity and public liability are commonly considered, with business pack and cyber also relevant. If you employ staff, check workers compensation requirements for Qld.

Check Vic and WA regulator and association guidance for any licence or membership requirements. Review your service mix, limits, excess and retroactive date, and how your policy addresses subcontractors and contractors. Policy terms and eligibility apply.