Is being a realtor a risky job? Not necessarily, especially when you compare it to someone working in construction and security. However, that doesn’t mean that you should not be safe and protected, no matter what.

You never know what is going to happen and when you are going to need insurance, so can’t hesitate to take out coverage that suits your needs and the specific risks in your industry. Not all jobs carry the same risks, but that doesn’t mean that they are not dangerous in their own way.

That is why it is important to try to find the coverage that suits your needs. Bluewell Insurance Brokers can make sure that you get exactly what you were looking for and that you, your business and your employees are safe against liability.

 

Do real estate agents need insurance? Why?

The short answer is that yes, real estate agents do need insurance – Professional Indemnity and Public Liability. The two are different, but they are both necessary. Litigation related to Professional Indemnity is about poor property management, breach of contract, breach of statutory law provisions, misrepresentations, breach of duty of care, and related situations.

Let’s say you are trying to sell a house to someone and they accuse you of purposely lying about the property, or misrepresenting it, in legal terms. Instead of taking the hit of legal costs and other related expenses, Professional Indemnity insurance gives you protection.
Public Liability insurance is related to property damage. The two (Professional Indemnity Insurance and Public Liability Insurance) need to go together because they offer protection against different kinds of claims. So, in order to be completely protected, you need to have both policies.
That way, you, your business and your employees will be protected against all types of claims. This will also offer you financial security.

 

What are the risks carried by the insurance business?

 

• Poor property management
• Breach of duty of care
• Breach of statutory provisions under law
• Misleading or misrepresentations
• Negligence in rendering professional services

 

What do you need to know before buying Professional Indemnity insurance?

 

1. Your provider must have the approval of the Real Estate Institute of Australia and comply with the law.
2. Your provider must understand the needs and specific risks associated with the job of a Real Estate Agent.
3. Your provider should be able to give you the best price available and provide you with different quotes from different insurers.

Bluewell Insurance Brokers can make sure all your insurance needs are covered. With years of experience behind us, we know exactly what your needs are, as a Real Estate Agent, and we are able to provide you with appropriate coverage. Do you want a quote? You just have to give us a call or write in your details on our website and we’ll offer you all the details you need.
If you have any questions regarding our company, our services, or insurance coverage for Real Estate Agents, then please do not hesitate to call 1300 669 664 today to discuss your options