Why do REIWA Members need insurance?

Through our long-standing relationship with REIWA, Aon are committed to protecting Real Estate Agents in Western Australia with cover tailored to the needs of the real estate industry.

We like to keep things local and understand the value of being easily accessible to customers throughout Western Australia. This is why our dedicated team of real estate specialists, based in the heart of Perth, are just a phone call away.

Why Aon?

REIWA Member Insurance. Easy.

Easy to Understand

Easy to digest information about what insurances your business needs and buy online
Or it’s an easy call to one of our experienced, friendly brokers on 1300 734 274

Easy to Buy

Quick quotes available online
Purchase in just a few clicks
Options available to pay monthly

Easy to Manage

Adjust your policy anytime you require and manage your renewals with a quick call
Request certificates of insurance quickly and easily
Aon can assist you in filing complex claims

Why choose Aon for REIWA Member Insurance?

When it comes to insurance for REIWA members, there are a few options available to you, and deciding which ones you need might not be easy. Aon is committed to making life easier for you by arranging insurance that’s easy to understand, buy and manage, so you can get quotes and take out a policy online in just a few clicks. Or if you do need help, our team of friendly experienced brokers are a phone call away to help you understand what insurances you may or may not need, but more importantly, why; helping give you confidence that you’re making a better decision for you and your business.

Be sure with an Aon broker

Friendly, experienced brokers

Prefer to discuss before you buy? We are here to answer all your questions over the phone.

1300 734 274

What insurance do REIWA Members need?

Professional Indemnity

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This provides cover in the event a third party alleges that you have been negligent in performing your services or giving advice, and as a result, they have suffered injury or financial loss. Professional Indemnity insurance may cover the cost of legal representation, as well as compensation you’re required to pay as result of the claim.¹

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Public Liability

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Public liability insurance covers your liability for third-party personal injury or property damage arising out of your business activities. For example, if a client or visitor was to slip and fall while on your business premises, you would look to this policy to cover respond to the claim.

Similarly, if a ‘for sale’ sign you installed caused damage to a property, this policy could help cover the legal costs to defend you against any claim, as well as any damages you’re required to pay.¹

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Management Liability

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As the owner of your business, you’re likely responsible for making some big decisions. Management liability insurance is designed to cover you personally for allegations of wrongdoing made against you in relation to the management of your business.¹

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Cyber Insurance

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Cyber insurance protects you against some cyber related threats, such as cyber criminals hacking into your network and stealing your data. You probably store valuable client data like bank account details, as well as forms of ID such as passports and drivers’ licences. This type of information can be enough of a lure for cyber criminals, so this coverage may be worth considering when protecting your business.¹

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Workers’ Compensation

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Workers’ compensation insurance covers an employer’s liability to a worker for injuries arising out of their employment. Workers’ compensation insurance is mandatory, but the requirements and legislation varies between the different States and Territories. To find out about the worker’s compensation requirements in your state, contact your state’s regulating body.¹

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Cover benefits of Real Estate Agents Professional Indemnity Insurance

Flexible Cover Limits
Choose a level of professional indemnity cover to suit you - $1m, $2m, $5m or $10m.

Automatic reinstatements
If a claim exhausts your overall cover limit within the policy period, it will automatically be reinstated in full.

Employment practices liability
Automatic cover for claims from staff for wrongful employment practices e.g. breach of contract, unfair dismissal or discrimination, with a sub-limit of $500k.

Cyber liability
Automatic cyber liability cover for claims arising from computer viruses, computer hacking and breach of privacy, with a sub-limit of $100k.

Excess waiver
If a claim is made against you for mismanagement of residential or commercial property, the excess will be waived if you have met the policy’s Risk Management terms.

Run-off cover
You can still be subject to claims for professional wrong-doing even after you retire or sell your business. Run-off cover extends your insurance policy for up to 7 years, to respond to claims which arose while the business was operating.

Fidelity cover
Cover for loss of money as a result of employee theft, fraud or dishonest activity, with a sub-limit of $250k.

FAQs

Frequently Asked Questions

Here are some questions commonly asked by Real Estate professionals.

Do real estate agents need insurance?

You work in real estate because of your passion for property – but also to earn a living. Sometimes all it takes is one unhappy client, or a severe weather event, to completely bring your business operations to a grinding halt. Insurance coverage can act as your a safety net so you’re not forced to close your doors due to being inundated with unexpected costs.

How much can I expect to pay for my insurances?

The cost of your insurance will depend on a number of factors, most importantly, the types of insurance policies you take out. There are several options available to you, and you’ll need to review your business’s situation to decide which covers to take out. It might be tempting to opt for the minimum level of cover to save money in the short term, but this may not be offering you enough protection for the wide range of risks your business faces. Speaking to an insurance broker can help you understand your risks and allow you to make an informed decision.

Why do I need Professional Indemnity (PI) Insurance?

Professional Indemnity Insurance is designed for any business which is involved in providing professional advice or services to clients, and as a real estate agent, this is your core service. Whether you’re advising a seller of a property value, or a landlord on which tenant to approve, your clients make big decisions based on your advice. It’s therefore possible that advice you provide doesn’t end up with the best outcome, and your client takes action against you for financial loss they subsequently suffer. This is where PI insurance becomes crucial – it will help you cover the legal cost of your representation in court, as well as the financial compensation you may be required to pay.

Related News

The news you need to know

Products

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View other insurance policies arranged through Aon for Real Estate professionals.

Business Insurance

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This includes will cover for your physical business premises if they’re damaged by a fire, or other covered events. Business Package Insurance can also include public liability Insurance, so if you take out Public Liability as part of this, you don’t need to take out a separate policy for this cover.¹

Business package insurance allows you to bundle a number of classes of insurance into one policy. For example, you may elect to take cover for your premises against loss, damage and interruption, as well as ublicpublic liability, money, glass and theft. If you insure a particular class of insurance through a Business Package, you do not need to insure that risk elsewhere.

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Resident Unit Managers Insurance

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This policy combines both professional indemnity and public liability into the one policy for any resident unit managers. Some policies also provide statutory liability insurance which can include cover for your defence costs if an action is brought against you alleging a statutory breach.¹

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Landlord Insurance

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Landlord insurance covers helps protect property owners, with options to cover buildings and contents, loss of rent, rent default and malicious damage by tenants.

Landlord insurance generally includes Public Liability cover to protect you against claims where your negligence caused property damage or injury to your tenants, their visitors, or any other third party.¹

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Renter’s Insurance

1800 105 900

Also known as contents insurance, this policy is taken out by tenants to insure their belongings against listed events such as theft, storm or fire. Although this may not impact your business directly, it is a type of coverage your tenants might not know they need, so when you’re signing on a new tenant, it may be worth mentioning contents insurance to them.¹

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Residential Strata Insurance

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This is designed to cover strata titled properties and complexes such as apartments and townhouses. It includes cover for not only covers the physical structure of the building, but also includes other covers such as theft of contents from common areas, and Public Liability for incidents which occur on common areas.¹

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Contact

Ways to get in touch

Call 1300 734 274

8:30am - 7:00pm AET
Mon - Fri (except public holidays)

Email us

au.realestate@aon.com

¹Subject to the full terms, conditions and limits of the policy. Please review the full policy wording for more information.

The Real Estate Agents Professional Indemnity insurance is arranged by Aon Risk Services Australia Limited (Aon) ABN 17 000 434 720 AFSL 241141 as agent for the insurer Insurance Australia Limited (ABN 11 000 016 722) trading as CGU Insurance (CGU). If you purchase this insurance, we will receive a commission that is a percentage of the premium. Further information can be provided upon request.

Business Insurance for Real Estate Agents is arranged by Aon Risk Services Australia Limited (Aon) ABN 17 000 434 720 AFSL 241141 as agent for the insurer Zurich Australian Insurance Limited (ABN 13 000 296 640 AFSL 232507). If you purchase this insurance, we will receive a commission that is a percentage of the premium. Further information can be provided upon request.

Resident Unit Manager’s Insurance is arranged by Aon Risk Services Australia Limited (Aon) ABN 17 000 434 720 AFSL 241141 as agent for the insurer Insurance Australia Limited (ABN 11 000 016 722) trading as CGU Insurance (CGU). If you purchase this insurance, we will receive a commission that is a percentage of the premium. Further information can be provided upon request.