As the chosen insurance partner1 of the Real Estate Institute of South Australia, Aon has taken the time to understand the ins and outs of the Real Estate industry, working with insurers to design cover that caters to the common needs of real estate professionals. By working closely with organisations such as REISA, we’re able to utilise our deep knowledge of insurance, leverage our long-standing relationships with insurers, and apply 40 years of industry experience to arrange insurance products that help to keep your business protected.
We are a dedicated insurance broking partner to five of the Real Estate Associations across Australia. This brings a unique depth of experience in facilitating a wide range of claims across the Real Estate industry. As well as our national reach, we like to keep things local and understand the value of being easily accessible to customers in their city. Which is why you can get a quote online or talk to one of our committed team of industry specialists based in the heart of Adelaide.
Benefit from Aon’s specialist insurance knowledge for the Real Estate industry
We understand the risks that businesses like yours commonly face and how to insure against them. We understand that the detail of your policy wording is critical to providing the type of cover your small business needs. We help you by arranging policies customised for the common risks of your industry, and we give you access to relevant information for all cover options, so you can feel more confident about your choice of insurance.
Insurance you may need as an REISA member
What are the cover benefits of Real Estate Agents Professional Indemnity Insurance arranged by Aon?
In the event of a claim, you can access a complimentary legal services hotline through Carter Newell Lawyers for guidance on navigating the claims process2. As your broker, Aon will assist with claims and can advocate on your behalf with the insurer.
Cover for claims from staff for wrongful employment practices e.g., breach of contract or unfair dismissal/discrimination, with a sub-limit of $500k.3
If a claim is made against you for mismanagement of residential or commercial property, subject to full policy terms and condition, the excess could be waived if you have met the policy’s risk management conditions.
You can still be subject to claims for professional wrong-doing even after you retire or sell your business. Run-off cover extends your insurance policy for up to 7 years, to respond to claims which arose while the business was operating.3
If you arrange Professional Indemnity Insurance for Real Estate Agents through Aon and hold this policy for 5 consecutive years, you may be eligible to have your deductible (excess) waived for the first new claim in this policy period. After 10 years, you may be eligible to have your deductible (excess) waived for the first two new claims in this policy period.
Cover for loss of money as a result of employee theft, fraud or dishonest activity, with a sub-limit of $250k.3
Why Aon?
Don't just insure, be sure.
Industry expertise
Feel confident about your choice of insurance by talking with specialists in your industry
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Specialist insurance help available from Aon team members based in 30 offices across Australia.
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Frequently Asked Questions
How much can I expect to pay for my insurance? (general)
The cost of your insurance will depend on a number of factors, most importantly, the types of insurance policies you take out. There are several options available to you, and you’ll need to review your business’s situation to decide which covers to take out. It might be tempting to opt for the minimum level of cover to save money in the short term, but this may not be offering you enough protection for the wide range of risks your business faces. Speaking to an insurance broker can help you understand your risks and allow you to make an informed decision.
Why do I need Professional Indemnity Insurance (PI)?
Professional Indemnity Insurance is designed for any business which is involved in providing professional advice or services to clients, and as a real estate agent, this is your core service. Whether you’re advising a seller of a property value, or a landlord on which tenant to approve, your clients make big decisions based on your advice. It’s therefore possible that advice you provide doesn’t end up with the best outcome, and your client takes action against you for financial loss they subsequently suffer. This is where PI insurance becomes crucial – it may help you cover the legal cost of your representation in court, as well as the financial compensation you may be required to pay.
What is the difference between Professional Indemnity Insurance and Public Liability Insurance?
Professional Indemnity Insurance provides cover for claims made against your business by third parties claiming that your professional services or advice caused them loss.
Public Liability Insurance covers the costs associated with a third party’s claim for personal injury or property damage or due to products that are sold or supplied through your business.
Are Professional Indemnity insurance policies issued on a claims-made or occurrence basis?
Professional Indemnity Insurance is written on a claims-made basis. This means it will only cover claims made while the policy is in force. The claims-made basis of Professional Indemnity insurance means it is very important that any circumstances which may give rise to a claim, or any claim itself, be notified to the insurer as soon as possible after they occur. For example, if a client complains to you about your advice, your insurer should be notified at that time, rather than wait until a formal claim is made. If that client does decide to take legal action against you at a later date, you may not be entitled to cover if the insurer wasn't notified previously.
I have a contractor employed in my agency, are they covered under my insurances?
This will vary based on your specific insurance policy. Some insurers exclude the actions of contractors completely from their coverage.
Generally, if you arrange Professional Indemnity Insurance for Real Estate Agents through Aon, the policy will cover your vicarious liability for work carried out by your contractors but may not cover the Contractor for their own liability. Aon generally suggests that a Contractor or Sub-Contractor should hold their own insurance, covering their own liability.
What is retroactive cover?
Retroactive cover is protection for claims which are based on services or advice you provided before the start date of your current Professional Indemnity Insurance policy. When taking out Professional Indemnity Insurance cover, you may be asked to nominate a retroactive cover date or the insurer may impose one.
What is run-off insurance?
Run-off insurance provides coverage for claims made against you after your business ceases operating, or after you retire, based on advice or services you provided whilst in business. Depending on the policy, you may be required to pay additional premium to activate run-off cover.
How do I make a change to my policy?
You can make changes to your policy by contacting a member of our team on 1300 836 028 between 8:30am and 5:00pm. Remember that some changes can have an impact on your premium, so if this is the case, you may be required to pay an additional premium.
What are my payment options? (General)
Payment for your insurance policies are generally due annually. A monthly payment option may be available through a premium funding provider. If you choose to take out a premium funding contract there will be charges (such as interest and/or fees) in addition to the premium you pay throughout the year. See the premium funding terms and conditions for full details1.
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Ways to get in touch
or call us on 1300 734 274, email us on [email protected] and speak to one of our insurance specialists.
1 The term ‘Partner’ is used to describe how Aon works in a collaborative way with clients and third parties. It is not intended to convey the legal definition of joint management or operation of a business.
2Carter Newell Lawyers are the national legal services provider on behalf of CGU for the Aon Real Estate Facility. Subject to qualifying criteria, full policy terms, conditions and exclusions.
3 Subject to the full terms, conditions and limits of the policy. Please review the full policy wording for more information.
© 2023 Aon Risk Services Australia Limited ABN 17 000 434 720 AFSL no. 241141 (Aon)
The Real Estate Agents Professional Indemnity insurance is arranged by Aon Risk Services Australia Limited (Aon) ABN 17 000 434 720 AFSL 241141 as agent for the insurer Insurance Australia Limited (ABN 11 000 016 722) trading as CGU Insurance (CGU). If you purchase this insurance, we will receive a commission that is a percentage of the premium. Further information can be provided upon request.
Business Insurance for Real Estate Agents is arranged by Aon Risk Services Australia Limited (Aon) ABN 17 000 434 720 AFSL 241141 as agent for the insurer Zurich Australian Insurance Limited (ABN 13 000 296 640 AFSL 232507). If you purchase this insurance, we will receive a commission that is a percentage of the premium. Further information can be provided upon request.