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Professional Indemnity for Real Estate Professionals


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Why professional indemnity insurance for Real Estate professionals?

As a real estate professional, if one of your clients suffers loss due to your professional negligence, there's a chance they will take legal action against your business. It’s an unfortunate reality that just one small mistake, error of judgement, injury or perceived bad advice can lead to a claim – and potentially cost you both professionally and financially.

Aon arranges professional indemnity insurance which has been designed for real estate professionals’ common risks, and with flexible cover options you can start now and help protect your business and your livelihood.

Events insured

Professional Indemnity

  • Claims resulting from a breach of professional duty, made against your business and notified to the insurer during the policy period.
  • Legal fees, settlements and court costs associated with any such claim1.

Cover benefits through Aon:

NSW, VIC, SA, WA, TAS
 

   

Flexible PI 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 $10k.
Retention waiver
If a claim is made against you for management of residential or commercial property, the retention (excess) will be waived if you have met the policy’s Risk Management terms.
Unlimited retroactive cover date
Cover may be available for acts and omissions occurring before you purchase the policy, where these are not known and do not relate to pre-existing claims.
Fidelity cover
Cover for loss of money as a result of employee theft, fraud or dishonest activity, with a sub-limit of $250k.
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.
QLD, NT
Flexible PI cover limits
Choose a level of professional indemnity cover to suit you - $1m, $2m, $5m or $10m.
Optional cyber liability
For an additional cost, cyber liability can cover expenses arising from cyber extortion threats & computer hacking, with a sub-limit of $100k.
Access to legal services
Access to two hours’ complimentary legal advice relating to your notifiable insurance claims. Available 24/7 through one of Queensland’s award-winning lawyers Carter Newell.ii
Fidelity cover
Cover for loss of money as a result of employee theft, fraud or dishonest activity, with a sub-limit of $10k (or $100k where two individuals must approve transactions).
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 $250k.
Automatic reinstatements
If a claim exhausts your cover limit within the policy period, your limit will automatically be reinstated up to a maximum of two times.
Deductible waiver
If a claim is made against you for management of residential or commercial property, the deduction (excess) will be waived if you have met the policy’s Risk Management terms.iii
Unlimited retroactive cover date
Cover may be available for acts and omissions occurring before you purchase the Professional Indemnity policy, where these are not known and do not relate to pre-existing claims.
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 6 years, to respond to claims which arose while the business was operating.

Helping your business. Why Aon?

Frequently Asked Questions

What is Professional Indemnity insurance and why do I need it?

It’s an unfortunate reality that just one small mistake, error of judgement, injury or perceived bad advice in your practice as a real estate agent can lead to a claim against your business. If you don’t provide the correct professional advice to a client and they believe they’re negatively impacted due to allegations of professional negligence, there’s a chance they could take legal action against you, potentially costing you both professionally and financially. Professional Indemnity Insurance can help you to pay the costs associated with a claim made against your business, arising from an error or omission in the course of providing professional services.

How can I get a copy of my certificate of currency?

To get a copy of your certificate of currency, click here and include your Aon reference number which can be found on the top left hand corner of your invoice. Should you encounter any issues, please contact us on 1300 734 274

Client Satisfaction feedback

Survey conducted by a third-party research company and results accurate as of 2/4/2019

The Real Estate Agents Professional Indemnity insurance for NSW, VIC, SA, WA and TAS, is arranged by Aon Risk Services Australia Limited (Aon) ABN 17 000 434 720 AFSL 241141 as agent for the insurer, Catlin Australia Pty Ltd ABN 64 108 319 786, AFSL 301617. The Real Estate Agents Professional Indemnity insurance for QLD and NT is also arranged by Aon as agent for the insurer QBE Insurance (Australia) Limited, ABN 78 003 191 035, AFSL 239545. If you purchase either insurance, we will receive a commission that is a percentage of the premium. Further information can be provided upon request.

The information contained on this website is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. So before deciding whether a particular product is right for you, please consider the relevant Product Disclosure Statement / policy wording or contact us to speak to an Aon representative.

All representations set out above in relation to our insurance products are subject to full terms and conditions of the relevant policy. Please contact your Aon representative if you would like a full copy.

i Subject to conditions in the general conditions section of this Policy in respect of: 1. The property; and 2. act, error or omission, that is the subject of the claim made against you.

ii Cover representations are subject to the full policy terms, conditions, exclusions and limitations.

iii Subject to conditions in the general conditions section of this Policy in respect of: 1. The property; and 2. act, error or omission.

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