Real Estate

Professional Indemnity Insurance for Real Estate Agents

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What is Professional Indemnity Insurance?

Professional Indemnity Insurance (PI) for Real Estate Agents is designed to help provide cover for legal fees and compensation if a client alleges your service or advice caused them a financial loss. In some states, PI may be a mandatory requirement for real estate professionals, but it is an important cover to consider regardless of whether or not it is mandatory.

Aon can arrange industry specific Professional Indemnity Insurance which has been designed to suit the risks commonly faced by Real Estate Professionals.

What does Professional Indemnity Insurance typically cover?

Legal fees

The legal fees you incur in defending your case.



Compensation you’re required to pay should your client’s claim be successful.

Claims investigation

Costs incurred in investigating the claim.

Public relations costs

Public relations fees you incur to rectify your reputation such as PR agent fees.

Real estate

Why do Real Estate Professionals need to consider Professional Indemnity Insurance?

Your clients might trust you to look after one of their biggest assets, but sometimes, it doesn’t take a lot for things to go wrong. Property mismanagement, misrepresentation and failing to appropriately investigate tenant history are just some examples of claims which may arise for Real Estate Agents under PI. And if you find yourself faced with such allegations, the resulting legal fees and compensation could all cause a serious financial burden for your business. That’s why Professional Indemnity Insurance is an important cover for Real Estate Professionals to consider as it can help to alleviate the financial pressures associated with such claims.

What are the cover benefits of Real Estate Agents Professional Indemnity Insurance arranged by Aon?

Access a variety of claims support services

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.

Employment Practices Liability

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

Excess Waiver

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.

Run off Cover

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

Loyalty Bonus Excess Waiver

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.

Fidelity Cover

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

Local support

All brokers based in Australia

Global broker

Our global scale means we can negotiate competitive quality insurance products with insurers

Client education

We provide specialist resources on business insurance and risk management to help you stay on top of current and emerging risks in your industry

Frequently Asked Questions

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.

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.

Does Professional Indemnity (PI) cover me for commission disputes with my contractors?

Coverage available under any policy is always determined by the terms and conditions of the policy in question. Having said that commission disputes with contractors are generally not covered under a PI policy, as commission disputes are more in keeping with commercial losses not traditionally covered by insurance.

Is Professional Indemnity insurance the same as “Errors and Omissions”?

Yes. Professional Indemnity Insurance is also known as Errors & Omissions in some parts of the world, including the United States.

What are the limits on Professional Indemnity Insurance?

Limits in the amount of cover will depend on the level of insurance you’ve taken out and the needs and circumstances of your business. You can consult our team of specialist brokers to help understand the coverage options available for your business.

How much Professional Indemnity Insurance do I need?

This will depend on a number of factors such as your profession, your business needs and the clients you work with. Some professions are required by law to hold a minimum level of cover, and some clients may require you to have a minimum level of cover to work for them. Many PI Insurance policies start at a minimum cover of $1 million, but you should decide the appropriate limit for you and consult with your broker about this if you need to.

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.

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.

Ways to get in touch

Or call us on 1300 734 274 , email us on [email protected]

1Carter 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.
2Subject to the full terms, conditions and limits of the policy. Please review the full policy wording for more information.
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. This information contained on this website is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a particular product is right for you, please consider your personal circumstances, as well as any applicable Product Disclosure Statement, Target Market Determination and full policy terms and conditions, available from Aon on request. All representations on this website in relation to the insurance products we arrange are subject to the full terms and conditions of the relevant policy.