Do I need Professional Indemnity insurance?
There is increasing client, community and regulatory expectations on service quality, advice and professional standards and the Real Estate industry is no different. This has led to an increase in allegations and claims for professional negligence to the point that Australia is one of the most heavily litigated countries in the world. Professional Indemnity insurance is therefore vitally important for any business or individual providing advice and professional services.
In certain states, it is compulsory for Real Estate agencies to hold Professional Indemnity and in other states it is highly recommended. Honan Insurance Group are experienced in advising Real Estate businesses around their risks and requirements when it comes to PI insurance and have developed a tailored offering designed to meet the needs of Real Estate businesses.
You can access the application form here.
What is covered by Real Estate Professional Indemnity Insurance?
Various business exposures are addressed including:
Professional Indemnity vs Public Liability
What is the difference?
Professional Indemnity protects against the risks associated with providing advice, design or recommendations to clients. For example, a customer could sue you for damages if it’s alleged that your advice has caused a loss.
Public Liability covers your liability to pay compensation for injury or damage to property caused to a third party in connection to your business. For example, if a customer slips and falls while on your business premises.
If your company has customers visiting your premises and you also provide professional services to those customers, then Public Liability and Professional Indemnity Insurance may both be beneficial to protect your business.