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How real estate agents could save on their business insurance

Below are real examples of real estate agents saving money. Money that is then reinvested back into their small business, helping them to provide their communities with their service.

  • Wendy is a real estate agent in Mount Barker. She saved $400 on her Business Insurance pack and Professional Indemnity cover when she switched through BizCover.1
  • Bruce sells houses up in Brisbane. He saved $115 per month on his Business Insurance pack and Professional Indemnity policy when he switched through BizCover.2
  • Angelo is an agent out near Campbelltown. He saved $250 on his Business Insurance policy when he switched through BizCover.3

If you’re a real estate agent who’s noticed a jump in the price of your insurance policy recently, you’re not alone.

Insurance premiums are on the rise and coverage may have changed for different policies, with some insurers potentially excluding certain types of risks and lowering policy limits.

Just like the factors that influence the housing market, the reasons why are many and complex.  From interest rates and inflation to industry cycles, your insurance premiums are subject to the push and pull of market forces.

While a price increase is never nice, especially on such an essential product, it also presents an opportunity to shop around and get a better deal.

BizCover’s business insurance comparison site offers multiple quotes from some of Australia’s leading insurers in minutes without the messy paperwork.

So instead of paying well above asking price, you can be like Angelo and Wendy and save on your business insurance by reviewing your policy and making the switch.

What risks can be covered by insurance?

Real estate agents often bear a lot of responsibility. Fortunately, there are many different types of insurance that are designed to safeguard the risks you face as a real estate agent.

You offer advice on what could be your client’s most expensive purchase of their lives.

If you give the incorrect advice and it results in a financial loss for your client, you could be held liable.

Professional Indemnity (PI) insurance could protect you in such situations as it is designed to respond to claims against your business for losses because of actual or alleged negligent acts or omissions in the provision of your professional service or advice.

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

Depending on your state or jurisdiction, PI cover can also be mandatory for licensed real estate agents in Australia. For this reason, it’s best to consider checking that you are adequately covered.

Public Liability insurance* is another essential cover for real estate agents who interact with clients and the public.

From a client accidentally tripping down the stairs at your office, or you clumsily damaging their property, things don’t always go to plan and that’s where Public Liability insurance saves the day.

It’s designed to provide protection for you and your real estate agency in the event a client, supplier or a member of the public is injured or sustains property damage as a result of your negligent business activities.

A Business Insurance* package is another important policy for real estate agents.

It’s designed to cover you for a range of risks from portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. 

In addition, cover is available for public liability, tax audit, employment practices and statutory liability risks.

It’s not all about price

While price is important, it’s not the only thing you might consider when thinking about renewing your business insurance.

A policy may be cheap, but it may not reflect all of the current risks you face.

Some insurers could potentially exclude certain types of risks and lower policy limits, which could result in you not being covered in the event of a claim.

Fortunately, BizCover promotes contestability among insurers, meaning they’ll compete against each other to give you the most suitable insurance.

Being a real estate agent is stressful already. Luckily, with BizCover your business insurance doesn’t have to be. 

Visit bizcover.com.au or give us a call today – no dramas!   

 1- savings made October 2021. 2- savings made August 2021. 3- Savings made April 2021. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.*This information is a general guide only and does not take into account your objectives, financial situation or needs. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this page is general only and should not be relied upon as advice. Public Liability Insurance is a trading name of BizCover

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Sharon Kenny

Sharon Kenny is the Head of Marketing at BizCover, a leading SME InsureTech player. BizCover offers the only business insurance platform for SMEs to instantly compare leading insurers & buy their insurance online and has over 175,000 active clients insured through the platform in Australia and New Zealand.

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