Insurance for Real Estate services in Australia
Real estate agents provide a professional service or expert advice to residential and commercial property sellers and buyers.
However, these professionals may be exposed to third-party claims or allegations made against them such as providing poor or inaccurate advice, or causing financial loss due to misrepresentation or negligent service. The costs of defending themselves against these claims can be extremely high, not to mention the price of liability should they fail to defend themselves.
As many other accredited occupations, real estate agents must have Professional Indemnity insurance in Australia to operate legally. QBE provides business insurance for real estate service providers to protect them from key risks and operate with peace of mind.
What can business insurance for Real Estate services cover* ?
Your real estate insurance cost will depend on the types of cover you need, and the level of cover you prefer. QBE business insurance can be tailored to include:
- Professional Indemnity insurance – cover against claims arising from the services or advice you provide
- Public liability insurance – $5 million, $10 million, $20 million or $50 million cover against third-party personal injury, property damage and advertising liability claims
- Physical loss, damage or theft at your office
- Damage to your electronic equipment
- Legal action by employees (also known as Employment Practices Liability)
- Legal action by government (also known as Statutory Liability)
- Business Interruption – cover for your day-to-day expenses after an incident, so you can keep your business running
- Business vehicles
* Covers listed are subject to terms and conditions. Limits and exclusions apply.
What are the most common claims for Real Estate services insurance?
Even though the need for professional indemnity insurance is not an everyday occurrence, there are a number of recurring claims we receive. The most common claims for real estate agents are:
- Allegations of breach of tenancy agreements and mismanagement of the property
- Agents’ misrepresentation of various aspects related to the property
- Damage to property due to poor maintenance or weather, with high costs that could put any small business at risk.
- Personal injury during inspections.
How do I buy business insurance for Real Estate service providers?
QBE’s business insurance for real estate agents is available through brokers and QBE authorised representatives. They’ll ensure your cover works for you. And if you need to make a claim, they’ll guide you through our claims process.
Need a broker? If you don’t have a reliable personal recommendation, the National Insurance Brokers Association (NIBA)* can help you find an accredited broker. Or see our guide to finding the right broker.
*The brokers on this site are not employees or agents of QBE, but are independent entities. QBE is not responsible for any advice provided to you by any broker on this site. Any such advice is the responsibility of the broker concerned.
You might be interested in...
Professional Indemnity insurance
A financial safety net if you’re unavoidably sued for damages caused by negligence, mistake, or omission when providing a service or advice to customers.
A one stop shop cover for liability, property damage, business interruption, theft, glass breakage, machinery breakdown and more.
Public Liability insurance
Operate with confidence knowing you’re covered if a third party claims against you for property damage or personal injury caused by your people or products.
Commercial Motor insurance
Flexible cover for any number of business vehicles, with policies designed to meet your needs. For everything from cars, utes and vans to trucks and earth movers.
Corporate Travel insurance
Provides protection while travelling on company business anywhere in the world.