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Why Buyers’ Agents Need Professional Indemnity (PI), Public Liability (PL) & Cyber Insurance Now More Than Ever

Professional Indemnity Insurance Real Estate Agents Insurance

Why Buyers’ Agents Need Professional Indemnity (PI), Public Liability (PL) & Cyber Insurance Now More Than Ever

In the fast-moving world of property buying, buyers’ agents play a crucial role—negotiating deals, conducting due diligence, and protecting the interests of their clients. But who’s protecting you, the agent?

Whether you’re a solo operator or running a growing team, having the right insurance in place is critical. Professional Indemnity (PI), Public Liability (PL), and Cyber Insurance are no longer optional—they’re essential risk management tools that could save your business from financial ruin.

Here’s why:

1. Professional Indemnity (PI) Insurance – Protection from Costly Claims

As a buyer’s agent, your clients rely on your expertise and advice. But even with the best intentions, things can go wrong.

What PI covers:

-> Alleged negligence (e.g., missing critical details during due diligence).

-> Incorrect property research, valuations, or advice that leads to financial loss.

-> Breach of contractual obligations.

-> Defence costs, even if you did nothing wrong.

Example: You recommend a property based on expected rental yield or growth potential. If the client suffers losses and alleges your advice was misleading, they can take legal action. Even if unfounded, defending your reputation is expensive—PI insurance covers those legal costs and compensation if you’re found liable.

2. Public Liability (PL) Insurance – Cover for Accidents and Property Damage

PL is a must-have for any business that interacts with the public, including during inspections or client meetings.

What PL covers:

-> Bodily injury to a third party (e.g. client trips during a site visit).

-> Property damage you or your staff accidentally cause.

-> Legal expenses arising from those incidents.

Example: A client visits a property with you and slips on a wet floor, suffering injury. You could be held responsible. PL insurance ensures those costs don’t come out of your pocket.

3. Cyber Insurance – Because Real Estate is a Target

With increasing reliance on emails, CRMs, document portals, and online payments, buyers’ agents are becoming prime targets for cyberattacks—especially with sensitive financial data involved.

Professional Indemnity Insurance

Agile's Professional Indemnity insurance protects against claims arising from an act, error or omission in the performance of professional services.

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Professional Indemnity Insurance

Professional Indemnity insurance is designed for professionals who provide a specialist service or advice, providing protection for financial loss and legal costs of a claim.

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Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

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With increasing reliance on emails, CRMs, document portals, and online payments, buyers’ agents are becoming prime targets for cyberattacks—especially with sensitive financial data involved.

-> What Cyber Insurance covers:

-> Data breaches and ransomware attacks.

-> Business interruption due to system failures or hacking.

-> Legal liability if client data is compromised.

-> Costs for IT recovery, notification, and reputation repair.

Example: A hacker gains access to your emails and sends false payment instructions to a client. Not only could you be liable, but your business might also be disrupted for days. Cyber insurance helps recover lost income and covers related damages.

The Bottom Line

As a buyer’s agent, your advice and service carry a professional risk. And as your business grows, so does your exposure.

One claim or incident can seriously derail your operations, finances, and reputation without the right insurance.

The good news? These policies are affordable, and they can be tailored to your needs—especially when set up by a broker who understands your industry.

Need Help Getting Covered?

I work with buyers’ agents across Australia to secure PI, PL, and Cyber Insurance solutions that meet their obligations and protect their business from real-world risks.

Let’s have a chat about the right cover for you.

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General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Kunal Monga, Arcuri & Associates Insurance Professionals, ABN 22 006 299 298, AFSL 235409