Why do Real Estate Agents need it?

No matter how much pride and care you may take in your role as a real estate agent, there is always that exposure to some element of risk. The real estate world is competitive, and you’ve worked hard to build your business and its reputation, the last thing you want is a claim to send it all crashing down.

These are some of the reasons why, as a real estate agent you may need to consider business insurance:

• To join certain industry boards and become a member, you may be required to hold a certain level of Professional Indemnity insurance*
• Giving advice you your clients about property and estates could land you in hot water if things don’t follow the expected blueprint!
• If a client, member of the public or another third-party was to slip, trip or fall for example on your business premises you may be held liable for any injuries caused (when not covered by the ACC)- this is where Public Liability insurance* can help
• When you’re out on the road visiting and showing clients around, it is important you have some protection in place for things like your laptop, mobile phones etc with Portable Equipment cover*

Insurance for Real Estate Agents

Professional Indemnity

Professional Indemnity insurance is designed to protect your business against legal claims and costs by third parties for damage arising from acts, error, omissions, and breaches in your professional duty. This may include the sale of real estate, poor property management, allegations of misleading or misrepresentation or a breach of statutory rules.

What is covered?

• Damages and claimant costs awarded against the insured
• Legal and defence costs
• Claims investigation costs
• Inquiry attendance costs
• Public relations costs

What is NOT covered?

• Intentional damage
• Known claims and circumstances
• Fraud and dishonesty
• Bodily injury / property damage

Protect your business today.

Cyber Liability

Working as a real estate agent, you will have sensitive and important documentation that you will need to protect from data breaches and other malicious cyber threats. In such an event, cyber insurance can help cover your business in the event of:

• Forensic investigation costs
• Data restoration costs
• Security failure claims
• Public relation costs
• Cyber-extortion costs
• Fines, penalties, and loss due to defamation
• Privacy and intellectual property claims
• Identity theft
• Ransom and extortion

Statutory Liability

With the ever-changing statutory landscape for the Real Estate industry, it is becoming more and more crucial for Real Estate Agents to have protection for any inadvertent breaches of New Zealand statutes. This will cover legal defence costs as well as, in some cases, cover for fines incurred.

* This information is a general guide only and does not take into account your objectives, financial situation or needs. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned.