Three tips to protect your real estate business this Christmas
Like the rest of Australia, the real estate industry has traditionally been shrinking and taking a break during the Christmas and New Years period before picking up again around Australian Day.
But just because you’re headed for a brief lull after a bumper season doesn’t mean you can afford to stop protecting your real estate business.
Although sales and leads may slow down, your business lasts all year. So here are three things to consider that will give you the peace of mind that your business is protected before the year ends.
- Make sure you have adequate protection
Being a real estate agent is often complex, and your clients depend on your advice.
While you can value your knowledge and professionalism, there is always a chance that you could get it wrong, this is where your professional liability insurance comes in.
If you are faced with a claim regarding an actual or even suspected error or omission, your professional liability insurance will provide the financial support to help you defend against that claim.
So you’ll want to make sure you have the right coverage for your business.
One thing to consider is whether your policy has adequate coverage for the size of the real estate transactions you are handling.
If you haven’t reviewed your policy in a while, it’s worth checking your coverage limits and making sure they can cover any potential claims your business might face.
If you’ve changed your policy, you should verify that your current policy provides retroactive coverage.
Professional liability insurance is a “claims filed” policy and generally only covers acts or errors that occur with your current policy.
Retroactive coverage provides ample coverage for past incidents that you were unaware of when you purchased your current insurance policy.
- Protect your premises
The Australian summer can be a tough time.
Mother Nature often overshadows Santa during the holiday season, with the ever-present threat of fires, storms and floods being a constant risk.
Business insurance is an insurance package designed to cover your business contents, inventory, tools and business premises when an insured event occurs (such as fire, storm, theft or accidental damage).
A business insurance package can also cover your portable equipment, glass, and lost income due to business disruption under specified circumstances.
Add in the fact that this is a La Nina year (which means wetter than average conditions), and making sure you have the right coverage is even more critical.
- Don’t let your digital guard down
Speaking of a threat that can arise at any time, cyber threats pose a risk to many industries at any time of the year, including real estate.
Take into account the customer data you store (including bank details and IDs) and the implication on your business if you were hacked and customer privacy violated.
What would you do if hackers demanded a ransom to recover this information?
Cyber liability insurance* is designed to help protect you against claims and support you in the event of a breach or computer attack.
Costs associated with defending a cyber claim are also covered.
Do not wait any longer and find yourself with a nasty surprise awaiting you this Christmas.
Make sure your business is covered for the expenses and legal fees associated with data breaches before your data is transmitted once, twice… gone!
Owning your own real estate business can get pretty dramatic. Fortunately with BizCover, business insurance doesn’t have to be.
Visit https://www.bizcover.com.au/ to compare quotes or call us today – no drama!
* This information is for illustrative purposes only and does not take into account your goals, your financial situation or your needs. As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the wording of the policy. The information on this web page is general only and should not be taken as advice. © 2021 BizCover Pty Limited, all rights reserved.