Real estate insurance

Real estate agents operate in a high-liability profession where mistakes or accidents can lead to costly claims. A single claim, whether from a disgruntled landlord, a data breach or an injured third party, can be financially devastating if the right insurance is not in place. Having business insurance can help you navigate risk factors such as:

• Negligence in property management or advice
• Tenant injuries on managed properties
• Cyberattacks affecting client data
• Disputes over financial transactions or contracts
• Loss or damage to business property.

Professional indemnity insurance is the most critical cover for real estate agents and is also mandatory in many states. This insurance is often a requirement for agency licensing and compliance with industry bodies such as REIQ.

Professional indemnity insurance protects agents against claims arising from errors, omissions or breaches of professional duty when conducting real estate services. It can cover your liability costs for incorrect professional advice, failure to disclose critical property information, misrepresentation and other legal costs and damages compensation.

Public liability insurance is especially important for agents who regularly meet clients in person at commercial properties or host open houses and inspections. This insurance covers your business if a third party (like a client or contractor) suffers an injury or property damage due to your business activities or on one of the properties that you manage.

Real estate agencies handle sensitive personal and financial data, making them attractive targets for cybercrime. Cyber insurance covers the financial fallout from incidents such as data breaches, ransomware attacks and email fraud, helping you manage response costs, legal fees and damage to your reputation.

For business owners and directors, management liability insurance covers claims of mismanagement, unfair dismissal, employee theft and other related issues. It protects both your business and personal assets from legal risks tied to running an agency.

If you employ staff, workers’ compensation is a legal requirement across Australia. It covers medical expenses and lost wages if an employee is injured on the job.