How real estate businesses can protect themselves from financial losses and cyber threats

Real estate and property businesses require protection from a range of risks including potential losses arising from giving the wrong advice, as well as cyber threats such as data breaches and cyber attacks.

BizCover, an online insurance service, offers comprehensive business insurance for real estate and property businesses across Australia.

With the potential to save money on insurance premiums and the peace of mind that comes with knowing your business is protected, it’s worth considering BizCover for your business insurance needs.

Protection from providing a service

Many real estate and property businesses already have a professional indemnity policy in place to protect against potential losses arising out of errors or omissions in the practice of their profession.

In fact, it may be mandatory depending on what state or territory you operate in.

But did you know you could switch and potentially save money on your policy by comparing quotes?

For example, Bryan is a real estate agent in Werribee. He saved $800 on his professional indemnity cover when he switched through BizCover.1

BizCover insures thousands of real estate agents with their professional indemnity policy across Australia.

With the average monthly total premium being $161^ for property and real estate small businesses through BizCover, it’s worth jumping online to see if you could switch and save.

Protection from cyber attacks and data breaches

In today’s digital age, cyber threats are a growing concern for real estate businesses. Cybercriminals can steal sensitive information, compromise your business’s reputation, and even shut down your operations.

Cyber liability insurance can help protect your business against these threats by providing coverage for data breaches, cyber-attacks, and other cyber risks.

One example of a cyber liability policy in action was when a real estate company had a ransomware virus enter their computer system and the hacker demanded a payment of US$500.2

While only a small ransom, giving into hackers is not always the preferred course of action as there is no guarantee your data will be returned.

As a result, the real estate agent was unable to run the business for seven days while their data was being restored.

Fortunately, they were able to claim $7440 through their cyber liability policy to cover the cost of restoring the information.

While cyber liability insurance can be costly, BizCover offers businesses in the industry cyber insurance quotes from three leading Australian insurers.

And with the average total monthly cyber insurance policy being $110^ for property and real estate businesses through BizCover, it may be a fair price to pay for protection from cybercrime.

Get protected today!

Don’t let your real estate business fall prey to financial losses and reputational damage. By switching to BizCover, you can save money on your professional indemnity policy and secure your business against cyber threats with cyber liability insurance.

Don’t wait until it’s too late to get the right protection for your real estate business. Jump online and compare quotes today.

1Savings made in December 2022. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.

^Monthly average total insurance premium includes total policy costs from all BizCover channels. 

2The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Coverage for claims on the policy will be determined by the insurer, not 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.

© 2023 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769

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