Do Real Estate Agents Need Indemnity Insurance?
Are the details accurate? Has the property been assessed correctly? Is this your opinion or a factual statement? For real estate agents, professional indemnity insurance provides important protection against possible losses due to errors or omissions in the practice of the profession, including:
- Failure to provide professional services
- Misleading and deceptive actions
- Mismanagement of property
- Some offenses
Buying or selling a property is a complicated process that your clients pay to manage. Therefore, the service you offer must have a higher standard than the ordinary man on the street. By using a little risk management, you ensure that your reputation is not compromised if something goes wrong.
This is where professional indemnity insurance comes in. Personal indemnity insurance will also help you with legal costs related to answering or dealing with claims covered by the insurance.
You probably have an office where you can visit customers regularly and visit customers’ property. Liability insurance is meant to protect you and your real estate agent if a client, supplier or member of the public is injured or seriously injured as a result of your negligence.
Business insurance is an insurance package that is intended to cover the business’s content, inventory, tools and facilities when an insured event (such as fire, storm, theft or even accidental damage) occurs. A commercial insurance package can also cover portable equipment, glassware and lost revenue due to business interruptions under specific circumstances.
If one of the following circumstances is related to your business, you should consider business insurance to ensure that you are adequately protected:
Do you have commercial content in your office?
Do you rely on servers / computer equipment to do your job? Can you cover the repair costs if they break?
Would you still be able to make money if your business was temporarily out of order due to a fire incident?
Assess the customer data you store and the consequences for your business, if there was a breach of confidentiality as a result of a burglary and your data was stolen. Make sure your business is protected from legal costs and data breaches before submitting your data once.