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Compliance and Risk Management When You Need It Most.
The real estate industry is competitive and fast-paced; you don’t want to fall behind on your insurance. With contracts, local regulations and state-based restrictions, it can be a minefield to navigate, especially if you don’t have the proper protection in place.
The truth is, any agent or property manager can face allegations and legal repercussions. With Barrack Broking, you can ensure that in the face of these events, you’re still protected and able to resume business as normal.
That’s why we help real estate agents secure professional indemnity insurance that works for their practice and protects their career development. Let’s find out how it works.
Why Do I Need Professional Indemnity Insurance?
Professional indemnity insurance isn’t just ideal to have, but it’s actually a strict legislative requirement in most states in Australia. And, as a real estate agent, you’re regularly exposed to common risks in the industry, including:
- Misleading Conduct: You could face allegations of misrepresenting property dimensions, underquoting prices or failing to disclose defects to potential buyers, which leads to legal action.
- Property Management Errors: As a property manager, it is your duty to conduct routine inspections, verify tenant information or references and act on urgent requests. Failure to do so could result in injury, financial loss to the landlord and legal claims.
- Breach of Professional Duty: Claims around breach of professional duty can arise from errors when preparing contracts, errors when managing trust accounts or missing critical deadlines.
- Defamation and Privacy Breaches: It is your duty to handle information and data with privacy and confidentiality; any breaches of this, including defamatory remarks during a sales process, can result in legal action taken against you.
How The Coverage Works:
A comprehensive professional indemnity insurance protects you in multiple ways. If you’re in the real estate industry, it can support you with:
- Legal Defence Costs: The right insurance policy will cover the costs of hiring lawyers when defending your professional actions.
- Damages and Settlements: If your agency is found liable, professional indemnity insurance can award financial compensation to the third party to ensure that you don’t feel this burden yourself.
- Loss of Documents: It can protect any costs associated with restoring or replacing any client files that have been lost or damaged.
- Public Relations Expenses: This is coverage for the costs associated with hiring PR experts who help you manage fallout or any harm to your agency’s reputation after a public dispute.
The Barrack Broking Approach
At Barrack Broking, we understand your risks as a professional in the real estate industry. That’s why we tailor our support to your agency and ensure that we understand how it works before we secure a professional indemnity insurance policy that works for you.
Our process is simple:
- We conduct an initial business assessment and dig into your operations to identify risks.
- Next, we develop an appropriate strategy. Your risk profile informs the coverage that actually protects you.
- Throughout the process, our team prioritises clear communication, explaining each policy and its framework in detail. Policies are only useful if you understand them, so we explain every clause and condition.
- Insurance is never a one-time transaction. So, we regularly review and refine your policies to keep pace with your business’s growth.
We’re guided by our four key principles:
We’re guided by four key elements:
Local Expertise
We understand what your local council, insurers, and regulators expect.
Tailored Cover
Every policy is shaped around your business model, budget and aims.
Claims Support
If something goes wrong, we manage the process and advocate for you.
Broad Market Access
We negotiate across Australia’s insurance market to secure the best combination of terms and value.
Navigate The Real Estate Industry With Barrack Broking
It’s important to protect your professional actions, advice and errors, and with Barrack Broking by your side, it doesn’t need to be difficult. We’ll secure your coverage that protects you from the risks that you’re likely to face, and allow you to work with confidence.
The right insurance policy can save you headaches, money and energy. We’ll be there every step of the way. Reach out to our team for more information, or book a complimentary discussion regarding your needs.
Frequently Asked Questions (FAQs)
Do you work with small businesses and startups?
Absolutely. We’ll help you start with something affordable that can grow with your business.
How often should I review my insurance policy?
At least once a year, or anytime your business changes. New staff, new services, or new equipment all affect your coverage.
