Insurance Solutions for Property Valuers
As a Property Valuer, you are exposed to a number of industry specific risks which could put your job and reputation at risk. These can include inadequate analysis of property, valuation errors and breach of contract.
Therefore, having the right insurance policy in place is important in providing a safeguard for property professionals in case a claim is made against you.
Whether you are an individual property valuer or part of a larger group, the experienced insurance brokers at Coverforce are here to provide you with expert risk advice and quality insurance products at competitive prices.
How can Coverforce help?
- Property Valuation has been a core focus for Coverforce for more than 15 years.
- We have access to two exclusive Professional Indemnity Insurance facilities for Property Valuation businesses.
- If you are an Insurance Broker, Coverforce is able to wholesale the exclusive facilities to your firm.
- In addition, Coverforce has access to all Australian Insurers and Underwriting Agencies who are able to provide cover in this sector.
- Coverforce have a high level of expertise in relation to the APIV and RICSV Insurance Standards.
Key Risks for Property Valuers
To ensure your Valuation Business is adequately protected, Coverforce recommend you consider each of the following types of insurance:
- Professional Indemnity Insurance
Professional Indemnity policies are primarily designed to defend and indemnify you against most civil liability claims from third parties seeking compensation as a result of your professional negligence.
For more information, visit our Professional Indemnity Insurance Page
- Cyber and Crime Insurance
There has been a spike in cyber related crime in your 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 adirector 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 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 property sector.
- Workers Compensation Insurance
This statutory 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.
For more information, visit our Cyber and Cyber Crime Insurance Page
For more information, visit our Management Liability Insurance Page
For more information, visit our Business Package Insurance Page
For more information, visit our Public Liability Insurance Page
For more information, visit our Workers Compensation Insurance Page