Professional indemnity insurance is essential for real estate practice. This protects agents from civil liability claims resulting from alleged loss or damage filed by their clients. Unsatisfied customers are usually prompted to take legal actions against real estate firms to get compensation if they believe that they have been unfairly treated and disappointed with the business transaction. Among the common professional indemnity litigation involves poor property management, misrepresentation allegations, breach of contract, breach of statutory provisions in various laws or breach of duty of care.
Whether a mistake from the side of a real estate company or agent has been committed or not, allegations greatly affect the reputation, financial situation and operations of the businesses. One way to protect your business is to get insurance. However, to make it a worthy investment, it is important for real estate agents and firms to know the coverage of their chosen professional indemnity insurance.
Some features to check when looking for the best insurance are the following:
- Does the insurance cover in case you had accidentally infringed intellectual property (copyright, trademark, patent, etc) of another person?
- Can it cover liability from your previous business that you merged into your new business?
- Does the policy cover loss of important documents especially those which cannot be easily replaced?
- Does it include coverage on expenses incurred in prevention / minimisation of a claim?
- Will you be protected from former subsidiaries?
- Can you avail of court attendance costs?
- How does the policy cover fraud, dishonesty or other illegal actions of employees?
REAPI policy Features
- Intellectual Property – in case there is an accidental infringement of copyright, trademark, patent, etc of another person.
- Principals Previous Business - Covers your liability from a previous business that you ran and merged into your existing business.
- Trade Practices Act - Coverage for breaches or alleged breaches of the Trade Practices.
- Loss of Documents - Loss of important documents which cannot be easily replaced
The Eagle Insurance Brokers
Make sure that you are getting the best deal of Professional Indemnity Insurance. Eagle Insurance Brokers has been the partner to many real estate agents for affordable insurance. They offer one of the best solutions on the market. On their website, they can provide you with an indicative quotation. All you need to do is answer some questions asked on the page. You also have the option to give them a copy of your Proposal Form and they can give you an indication of premium pricing.
Frequently Asked Questions On Professional Indemnity
Know how well you are protected against unforeseen events in your real estate business. REAPI website, reapi.com.au through their FAQ page will help you understand more about professional indemnity.