Elite AgentOPINION

Three tips to ensure your real estate business is protected this Christmas

Like the rest of Australia, the real estate industry traditionally tapers down and has a break over the Christmas and New Year period before picking back up again around Australia Day. 

But just because you are heading into a brief lull after a bumper season doesn’t mean you can afford to stop protecting your real estate business. 

While the sales and leads may slow to a trickle, your business is year-round. So here are three things to consider that’ll give you peace of mind your business is protected before you clock off for the year. 

  1. Ensure you have adequate protection
    Being a real estate agent is often complex, and your clients depend on your advice.

    While you may value your knowledge and professionalism, there is always the possibility you could get it wrong, which is where your professional indemnity insurance comes into play. 

    If you are faced with a claim of an actual or even just alleged error or omission, your professional indemnity cover will provide the financial support to help you defend against that claim.

    So you will want to ensure you have the right cover for your business. 

    One thing to consider is if your policy has adequate cover for the size of the real estate deals that you manage. 

    If you haven’t reviewed your policy in a while, it is worth checking your cover limits and ensuring that they can cover any potential claims your business could face.

    If you have switched your policy you should check that your current policy provides retroactive cover. 

    Professional indemnity insurance is a “claims made” policy and it usually only covers acts or errors that occur with your current policy.

    Retroactive cover broadly provides covers for past incidents that you did not know about when you purchased your current insurance policy.     
  2. Protect your premises 
    The Australian summer can be an unforgiving time.

    Mother Nature often overshadows Father Christmas during the holiday period, with the ever-present threat of fires, storms, and flooding constantly posing a risk. 

    Business insurance is an insurance package designed to cover 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 revenue loss due to business interruption in specified circumstances.

    Add the fact that it is a La Nina year (meaning wetter than average conditions), and ensuring you have the right cover is even more critical. 
  3. Don’t let your digital guard down
    Speaking of a threat that can occur at any time, cyber threats are a risk to many industries at all times of the year, real estate included. 

    Consider the client data you are storing (including bank account details and forms of ID) and the implication on your business if you were hacked and clients’ confidentiality was breached.

    What would you do if the hackers demanded a ransom to get that information back? 

    Cyber liability insurance* is designed to help protect you from claims and support you in the event of a cyber breach or attack.

    Costs associated with defending a cyber claim are also covered.

    Don’t wait and find yourself with a nasty surprise waiting for you this Christmas.

    Ensure your business is covered against the expense and legal costs associated with data breaches before your data is going once, going twice… gone! 

    Owning your own real estate business can get quite dramatic. Luckily with BizCover, business insurance doesn’t have to be. 

Visit https://www.bizcover.com.au/ to compare quotes or give us a call today – no dramas! 

*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 web page is general only and should not be relied upon as advice. © 2021 BizCover Pty Limited, all rights reserved.

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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 200,000 active clients insured through the platform in Australia and New Zealand.

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