Whether you are an individual Real Estate office seeking quality insurance products and risk advice; or you are a part of a larger group; our experienced brokers are here to assist you.

Why choose Coverforce?

  • Coverforce has access to market leading Professional Indemnity Insurance product for Real Estate and Property Management businesses
  • More than 1,000 Real Estate and Property Management businesses currently are insured via Coverforce
  • Coverforce are preferred Insurance providers for many networks including LJ Hooker, Laing & Simmons, Richardson & Wrench, Stockdale & Leggo and One Agency
  • Real Estate and Property Management has been a core focus for Coverforce for more than 15 years

Key Insurance Considerations for Real Estate Agents

To ensure the adequate protection of your Real Estate business, Coverforce recommend each of the following insurances are strongly considered.

Professional Indemnity Insurance

Professional Indemnity policies are primarily designed to defend you and indemnify you against most civil liability claims from third parties seeking compensation as  a result of your professional negligence. Most Real Estate Professional Indemnity policies provide coverage for Fidelity (usually sub-limited to $100,000 or less), Employment Practices Liability, Statutory  Liability and Third Party only Cyber coverage.

It is important to understand that the Fidelity coverage and Cyber coverage provided by Professional Indemnity policies are very limited. Comprehensive Crime (not just Fidelity), Cyber Crime and other First Party Cyber Insurance should be arranged separately.

Cyber and Crime Insurance

There has been a spike in cyber related crime in the real estate sector resulting in significant losses to businesses. Cyber criminals are becoming more sophisticated and are increasingly using tactics such as identity theft to hack into systems or company processes, obtaining access to company bank accounts and trust funds. Without the correct Cyber and Crime Insurance in place, many businesses will remain uninsured for this emerging criminal activity. Cover can be arranged via a packaged Management Liability policy, or can also be arranged via standalone Cyber and Crime Insurance policies.

Management Liability

Managing a business comes with its risks and responsibilities. As a director or officer of a business your personal assets as well as company assets can be exposed under many circumstances. Management Liability Insurance primarily provides coverage for Directors and Officers for loss on account of wrongful acts committed or  allegedly committed in the execution of the director or officer’s duties. These policies also extend to cover:

Employment Practices Liability
– full policy limit
Statutory Liability
– generally up to $1,000,000
Crime (First Party & Third Party cover)
– generally up to $1,000,000
Tax Audit
– generally up to $100,000

Business Insurance

The risk of fire, theft, malicious damage and accidental damage of company property can be protected under a Business Insurance policy. Business Interruption (loss of revenue and additional costs), can also be insured together with other policy sections such as Glass, Money, General Property and Machinery/Electronic Breakdown. An important consideration with Business Insurance is to ensure that the risk of flood is considered, and that the flood extension is requested to be included if required. Flood is not a standard inclusion under Business Insurance policies.

Public Liability Insurance

If you lease/own a company office, hold events, visit clients, participate in auctions and other sales or property management activity you will have an exposure to potential third party injury and property damage claims. Public Liability is a ‘must have’ insurance policy for all businesses who operate in the Real Estate/Property Management sector.

Workers Compensation Insurance

This statutory form of insurance is compulsory in all states and territories for incorporated entities whom employ staff or pay wages. Workers compensation Insurance may also be required for sole traders and ABN holders.

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Contract reviews and negotiation

You can also access our FREE contract review to assess the Indemnity clauses and Insurance Provisions in your contracts. We advise on whether you have right type of coverage in place, and if your level of coverage is adequate.

Through this review, we both get a better understanding of your level of protection and make the best decision for your business.

Get your free contract review

“My experience within the API has revealed that Coverforce is seen as the leading professional insurance broking firm in Australia and many API members have confided to me that even at the worst times in the industry, Coverforce has been able to secure Professional Indemnity insurance at competitive premiums and suitable terms and conditions.”

Milton J Cations – Property Dynamics

“Our brokers attention to detail and depth of understanding of the issues facing a valuation company is second to none. The support shown to Hay Property group over many years now has been invaluable not only with the renewals each year but also the claims handling has been excellent. I cannot speak highly enough of the level of service Coverforce has shown us and have no hesitation in recommending you.”

Peter Hay – Hay Property Group