Over the past five years, Australia’s 35,000 Real Estate Agents have been kept busy, while those in other parts of the world faced a time of uncertainty. Despite turbulent economic conditions, Australia’s housing prices have continued to rise.
While Australia’s property market has performed exceptionally well through the global financial crisis, in the event of a disaster, your business may not fair so well.
Real Estate Agents Insurance can help your agency survive the unexpected, with minimum losses.
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What are the Specific Risks Faced by Real Estate Agencies
As a Real Estate Agent, federal, state and local governments all have some jurisdiction over your property management activities. Reporting requirements must be met for all of them and meticulous records for accounting and taxes are a must. For reasons of liability, all activities and tenant interaction must be recorded and maintained for specified periods. As additional protection in order to reduce the risk you are exposed to, you should back up your administrative activities with an appropriate Professional Indemnity policy.
Other risks that face Real Estate Agents may include:
- Tenant management involves records of all their requests, rental payment history and rules violations. In the event that these records are destroyed in a fire, resulting costs of replacing them may be covered with appropriate Real Estate Agents Insurance.
- A Real Estate Agency is a victim of a cyber attack, with tenant data being stolen and sold on the black market. The Cyber Insurance component of a Real Estate Agency Insurance policy may cover any resulting costs to get the company back on their feet.
- A Real Estate Agent arranges a property inspection. Before viewing, the floors are cleaned but there is no ‘wet floor’ sign on display, which causes a client to fall and seek compensation. The Public Liability section of the Real Estate Agent’s business insurance may cover resulting legal costs and any compensation pay out.
- During a storm, the display sign falls from a Real Estate Agent’s office, breaking the front windows. The retailer’s Business Insurance may cover the costs associated with repair.
What Are the Key Elements of an Builders Insurance Policy?
Depending on your circumstances, a Builders Insurance Pack may include the following covers:
- Public Liability Insurance: Public Liability Insurance protects builders against the financial risk of causing damage to a 3rd party’s property, or causing them bodily harm.
- Income Protection Insurance: Income protection for Builders protects against the financial risk of losing income as a result of not being able to work.
- Life Insurance: Covering the builder and and/or their family from the financial impact of death or diagnosis of a terminal illness.
- Tool Insurance: Covering the replacement cost of your tools if they are lost, stolen or damaged.
- Commercial Vehicle Insurance: Covers you for loss, damage or theft of your business vehicles.
- Builders Warranty Insurance: Builders Warranty insurance covers loss or damage resulting from non-completion of work, loss of deposit or breach of statutory warranty. Cover may be triggered due to the death or disappearance of the builder.
Who Needs Builders Insurance?
Given the dangerous nature of the work, the director of any construction project should always have a comprehensive insurance policy in place before stepping foot on the building site. There are many types of Builders Insurance, and each of them have an important role in protecting a builder from risks both on the worksite and afterwards.
How PSC Direct Works for You
The team at PSC Direct comprises specialist business insurance brokers, experienced in sourcing insurance for Australian SMEs. We care about the clients we service and want to fully protect their businesses. That’s why we treat each and every one as an inividual entity, considering their unique requirements to source the most appropriate cover that will offer the upmost business protection.
PSC Direct Insurance Brokers use online systems to review your business. We draw on our experience with thousands of similar businesses across Australia to match your needs to our database of indexed insurance policies. In order to ensure you have the most appropriate cover, our insurance brokers will fully review any policy before it is recommended to you.
PSC Direct is an entity of PSC Insurance Group, one of Australia’s largest private insurance broking houses. This affiliation offers us access to a range of leading insurers and underwriters as well as membership of a range of national and international insurance organisations. Part of such a wide insurance network, PSC Direct is best placed to source cost effective covers for our clients.
Protecting your business is important to us. We understand that insurance can be complicated, and we’re here to simplify it for you. We provide advice and cover to a range of businesses across Australia, in industries from Accounting to Engineering, Mining, Retail and Trucking. We know the policies necessary to fully protect your business and assets in the specific sector you operate in.
We are able to offer a range of policies from standard Public and Products Liability to more specialised covers such as Management Liability, Commercial Property, and Cyber Insurance and Tax Audit Insurance. We’re not only here to source your policy but to develop a business partnership with you. We will work with you as your business changes to offer alternative or additional insurance policies, or in the event of a claim, we’ll assist you until settlement.