Buying or selling a property remains one of the most significant financial and emotional decisions many Australians will ever make. As a real estate professional, you’re at the centre of that decision-making. And nothing matters more than trust.
Why trust is so important for real-estate agents
In a marketplace where stakes are high and timelines tight, clients want an expert agent they can rely on. But while many agents work diligently, the broader industry perception by consumers still presents a challenge.
This means that real estate agents have a dual task: deliver on client objectives and consciously protect and enhance your reputation.
Succeeding in both these areas means that you gain access to genuine, positive client referrals, repeat business, and long-term brand resilience.
However, failing here means that years of goodwill could vanish – a missed deadline, a miscommunication or an avoidable data breach all could harm your reputation.
This is where business insurance could help.
How insurance can help agents build trust with clients
Clients trust their real estate agents to help guide them through major financial decisions.
Whether they’re purchasing their first home, or buying an investment property, clients need to be reassured that they can trust their agent with these important decisions.
That means real estate agents need to offer more than just solid advice, but real peace of mind. One way to do that is by demonstrating that their business is prepared for the unexpected.
From legal claims to cyber incidents and operational disruptions, a well-protected real estate agent can handle tricky challenges without compromising client outcomes.
Professional Indemnity insurance
No matter how long you’ve been in the game for, mistakes can still happen. Whether that’s a simple admin oversight or advice that wasn’t quite right.
Professional Indemnity insurance is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice.
Some states and territories require real estate agents to hold a certain level of Professional Indemnity (PI) insurance by law.
But even if your state or territory doesn’t make this mandatory, it may still be a good idea to consider PI insurance to help protect your business against certain claims.
Cyber Liability insurance
Building trust is also about how real estate agents protect sensitive client data. Agents tend to deal with large volumes of personal and financial information, making them tempting targets for cybercrime.
Cyber Liability insurance is designed to help protect you from claims and support your profitability in the event of a cyberattack. It can help agents respond to threats like ransomware, business interruption due to a cyber event, and the unintentional release or loss of client data.
Business insurance
Equally important is Business Insurance, which can include cover for property damage, theft, management liability or business interruption, among other things.
If a laptop is stolen, the office floods, or there’s a fire in the building, operations could grind to a halt.
You could be left without support when you need it most, and your clients could also be left in the lurch.
A Business Insurance Pack allows you to pick and choose from multiple cover options to build a package that suits your needs.
Peace of mind for you and your clients
At the end of the day, the best way you can help to safeguard your business’s future, as well as instil trust with your clients, is through a combination of things: that is, delivering a consistently high standard of service, communicating clearly at every step, and backing your work with the right protections.
In doing so, you’re showing clients that their interests are in safe hands from start to finish, giving them the confidence to choose you, recommend you, and come back to you again in the future.
BizCover has made it fast and simple for you to quote and compare multiple insurance policies from some of Australia’s leading insurance providers. Find out how much you could save on your insurance policies today with BizCover.
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording or Product Disclosure Statement (available on our website). Please consider whether the advice is suitable for you before proceeding with any purchase. Target Market Determination document is also available (as applicable).
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