Real Estate Agents

Business Insurance Specialists Pty Ltd have expertise in providing insurance for real estate agencies.

Types of Work

The major services offered by real estate agencies can be very broadly categorised into the following areas:

  • Leasing
  • Property Management
  • Sales

This can be further categorised into Residential or Commercial.

Insurance for Real Estate

Real estate insurance includes coverage for the following:

  • Property
  • Business Interruption
  • Liability
  • Crime
  • Cyber
  • Motor Vehicle
  • Corporate Travel
  • Professional Indemnity

Professional Indemnity exposure can sometimes be misunderstood.

The exposure will vary depending on the nature of the service and type of clientele serviced.

Real estate service providers are in the business of providing information and making recommendations including advice in the course of effecting real estate sales, property management and additional services. These activities may give rise to claims for breaches in professional duty.

Potential Claims

Some of the more common sources of Professional Indemnity claims against real estate firms include:

  • Breach of professional duty of care e.g. valuations, checks on tenants;
  • Wrongful advice in relation to property investments;
  • Negligent acts, errors or omissions e.g. in advertising, residential or lease contracts;
  • Loss of documents or data entrusted to the insured;
  • Unintentional breach of confidence, privacy legislation or misuse of information;
  • Unintentional breaches of the Trade Practices Act or specific property/real estate legislation and/or
  • Breaches of Privacy