Real estate agents face many risks, from misleading or deceptive conduct to clients falling over in their office.
But the often-manual process of getting or even renewing business insurance can be challenging to navigate for time-poor real estate agents.
Insurance is a necessary part of being a real estate agent, but that doesn’t mean it has to be expensive. Instant cover at a great price could be only minutes away.
What insurance policies are available?
There are a variety of insurance products designed to protect real estate agents from the financially and reputationally damaging consequences of a claim.
Professional Indemnity (PI) insurance* is the only policy type that is mandated for agents either by an industry body or at state level.
It is designed for professionals who provide a specialist service or advice, protecting against financial loss and legal costs in the event of a claim.
Consider checking with your state government or local governing body to ensure you are meeting your responsibilities.
Public Liability insurance* is another essential cover for real estate agents who interact with clients and the public.
From a client accidentally slipping over to 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 protect you and your real estate agency if a third party is injured or sustains property damage due to your negligent business activities.
Business Insurance (BizPack)* is designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage).
A Business Insurance package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. It can also provide cover for public liability, tax audit, employment practices and statutory liability risks.
Switch and save
BizCover makes business insurance easy for more than 180,000 Australian small businesses across thousands of occupations.
But why do so many small businesses use BizCover for their insurance?
Simply because they offer choice, simplicity and great pricing. In fact, 81.8 per cent of customers who switched their policy through BizCover save on their insurance**.
Here are two examples of actual Australian real estate businesses saving money:
- Zahid is a real estate agent in New South Wales. They saved $300 on their Professional Indemnity insurance in May when they switched through BizCover1.
- Kosta in South Australia saved $500* on their Professional Indemnity and Public Liability insurance in June when they switched through BizCover2.
Being a real estate agent can be stressful. Luckily, with BizCover, your business insurance doesn’t have to be.
Visit bizcover.com.au or give us a call today to switch and save– no dramas!
1- savings made in May 2022. 2- savings made in June 2022. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
**According to a survey conducted between 1 April and 31 October, 2022 of new business customers that switched insurers through 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. The information contained on this page is general only and should not be relied upon as advice. BizCover Limited is owned by BizCover Pty Ltd (ABN 68 127 707 975). © 2022 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769