Real Estate Agent Insurance
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Real estate agents insurance
Real estate agent commercial insurance NZ
Real estate agent insurance is a specific type of coverage designed to protect real estate agents and their businesses from potential financial risks. These risks could emerge from various sources, including professional mistakes, legal claims, property damage, or injury claims during property showings.
Why is real estate agent insurance important?
For a real estate agent, reputation and trust are essential. Any unforeseen issue, be it a legal claim or an accident during a property tour, can result in significant financial and reputation damage. Real estate agent insurance provides a safety net, ensuring that agents can carry on with their business even when faced with potential setbacks.
In New Zealand, the average cost of real estate agents insurance typically ranges between $200 – $400 per month.
It’s crucial to have real estate agent coverage if your business:
- Handles large property transactions
- Conducts frequent property showings
- Offers property consultation services
- Has a physical office or agency
What insurance covers are typically included in real estate agent insurance?
Real Estate Agents Professional Indemnity
Real estate agent indemnity coverage protects real estate businesses from financial losses if they make mistakes or are accused of negligence while doing their job.
Best For
- Negligence claims
- Errors & Omissions
- Professional mistakes
Public Liability
This policy covers common real estate agency business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.
Best For
- Business Accident Coverage
- Third-party Damages
- Legal Cost Protection
Statutory Liability
This cover is a type of protection that helps real estate agents cover costs if they accidentally break certain laws or regulations.
Best For
- Unintentional breaches protection
- Legal costs
- Fines and penalties
Real Estate Agent Car Insurance
Protects cars used for real estate activities. It covers accidents, damages, and injuries related to the vehicle while it’s being used for business and personal activities.
Best For
- Repair costs
- Third party damages
- Injuries
Building Insurance
Building insurance in NZ is a type of coverage that helps pay for repairs or rebuilding if your building or commercial property gets damaged.
Best For
- Accidents
- Natural disasters
- Fires
Business Contents Insurance
Business contents insurance in NZ is for protecting all the important stuff inside a real estate agency business. If there’s a problem or accident, the insurance can help with the expenses.
Best For
- Accidents
- Floods
- Fires
How much does real estate agents insurance cost?
Real estate agents insurance premiums are calculated on several different factors including:
- Types of cover
- Turnover
- Location
- Claims History
Real estate agents insurance in NZ typically costs between $200 to $400 per month.
Who needs real estate agents insurance?
Any individual or agency involved in buying, selling, or renting out properties in NZ should consider getting real estate agent insurance. This includes independent real estate agents, larger real estate agencies, property managers, and even some property consultants.
Yes. Most Real estate agent insurance policies will cover legal fees, settlements, and court costs associated with claims against the insured, up to the policy’s limit.
Typically, yes. If, during a property showing, something is damaged, most policies will cover the cost of repairs or replacement, depending on the specific terms of the policy.
How do I get a real estate agents insurance quote?
We understand the unique needs of real estate agents in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive real estate agent insurance quotes from the top insurers in the country and globally. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.
To obtain a real estate agents insurance quote we may require you to provide some fundamental details about your business, such as:
- The name of your business
- The total number of employees
- Predicted annual income
- Years of experience in the industry
How do I get proof of real estate agents insurance?
You can usually get proof of real estate agents insurance same day when you purchase insurance through Gerrards.
Acquiring a real estate agents insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project.
To obtain insurance coverage promptly, contact one of our real estate insurance brokers.
What does real estate agents insurance not cover?
Claims Outside the Coverage Period
If a claim is made after the policy has lapsed, it won’t be covered.
Contractual Liabilities
If an agent has agreed to bear certain liabilities via a contract, these might not be covered.
Intentional Misconduct
If an agent deliberately engages in fraudulent activities, this won’t be covered.
Other common questions about real estate agents insurance
Absolutely. Insurance providers like Gerrards offer flexible policies tailored to fit the unique needs of individual agents or agencies.
Comprehensive policies typically cover the whole business, including staff. However, always confirm this when purchasing.
Yes. As your business expands, it’s a wise idea to review and adjust your insurance coverage accordingly.
Yes, real estate activities are excluded under a private motor policy. This means that to be covered for your real estate activities you need to purchase commercial vehicle or business vehicle insurance.
