Compare business insurance quotes with Savvy to find the best policy to cover you as a real estate agent.
Fact checked
We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.
The responsibilities shouldered by a real estate agent are quite extensive, as clients rely on them to offer great advice and service. Because selling real estate is such a complex and involved process, there is plenty that can go wrong. For this reason, having adequate business insurance is vital for anyone in the real estate business.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about your business and the insurance you need, and within minutes you’ll have multiple quotes from a range of respected insurers to consider. Use our quick and easy comparison service to help you find the best value insurance to cover your real estate business today.
There are several types of business insurance you should consider if you run a real estate agency. These include:
Professional indemnity insurance
The greatest risks faced by real estate agents relate to legal liability. Whether a client claims you undervalued their property, or a property deal falls through, there is always a risk of a professional liability lawsuit. For this reason, professional indemnity insurance is a must for all real estate agents.
Professional indemnity insurance covers you against claims that the service you provided was negligent or fell short of expected professional standards. It’s the most important type of insurance to have if you’re in the real estate business and is a compulsory requirement for membership of most professional associations. Cover is available starting from $250,000, but can extend up to $10 million or more.
What it covers
Public liability insurance
Public liability insurance is also essential if you have a sales office which is visited by the public. It will cover you in the event a client or a member of the public is injured or sustains property damage as a result of your negligent business activities. This insurance can offer between $5 million and $20 million worth of cover, although higher limits are available if you sell property worth millions of dollars.
What it covers:
General business insurance
General business insurance may also be worthwhile to protect your office or business premises from theft and natural disasters. It can also cover portable equipment such as laptops. A business insurance package can also include additional glass breakage insurance, which can offer protection in case your glass shop front or office reception desk sustains damage. Commercial vehicles aren’t included under general business insurance, so you may need separate commercial vehicle protection for your work vehicle.
What it covers:
Cyber liability insurance
Cyber liability insurance can offer you financial protection from the work of cyber criminals who may be after your client’s confidential information. It’s another form of insurance which is vital for real estate agents and also other associated professionals such as accountants, lawyers and conveyancers.
What it covers
What isn’t covered under business insurance for real estate agents?
The most common exclusions for these types of insurance include:
There is no set cost for an insurance policy, as each real estate agent is different and has different requirements. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another. Therefore, the cost of insurance for one real estate business based in Sydney may be similar to a real estate agency based in Melbourne.
You can find out how much insurance will cost for your real estate agency by comparing quotes right here with Savvy. Whether you need insurance for yourself as a sole trader or for your business employing other agents, you’ll be able to find a policy which is perfect for your business needs right here.
Any situation where you are offering personal advice and services to the public comes with risks. Unfortunately, the risks faced by real estate agents are numerous due to the complex nature of your work. Loans can be rejected, properties suddenly taken off the market or deals can fall through at the last minute, which may be through no fault of your own.
However, in all of these circumstances, there is a risk that you can be held liable for the problem due to the advice you’ve given. For this reason, it’s vital to have good business insurance protection to cover you against any eventuality. Business insurance is there to protect you and your reputation no matter what claims are made.
Most small to medium-sized businesses have some contingency funds available, but they’re rarely sufficient to cover the cost of a major liability claim, which can amount to millions of dollars. If such a claim is made against you or your business and you do have adequate insurance to protect yourself, you’ll have a much better chance of recovering quickly and getting back on your feet.
Find the best possible insurance coverage for your business quickly and easily here with Savvy's 100% free comparison service.
With multiple trusted insurance partners across the country, you can enjoy high-quality online comparisons all in one place right here.
Skip the hassle and save time and money by comparing with Savvy to get instant online insurance quotes for convenient comparisons.
Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
