Episode 27: How to Identify Risk and Obtain Insurance for your Real Estate Business

Transform Masters: Sharon Fox-Slater talks to the 2017 Transform Masters about the types of insurance that can be implemented in your business e.g. professional indemnity, cyber crime, landlord/pets and business continuity, and the importance of performing regular audit checks on your internal and external procedures and policies.

‘Elevate’ is the new official podcast of Elite Agent Magazine for real estate industry sales professionals, property managers, and leaders. Each episode, we will bring you behind the scenes coaching, news analysis, exclusive interviews, technology, and more to help you list more, sell more, and elevate your results.

Transform Masters 2017 is brought to you with thanks to our sponsors Property Tree, realestate.com.au and Real+

To subscribe on iTunes, click here.
To subscribe on Stitcher, click here.
Episode host: Samantha McLean
Episode coach: Sharon Fox-Slater

SHOWNOTES:

Introduction to insurance and partaking in a risk assessment i.e. insurance broker looks at your business overall to determine what needs to be insured  – 01:35

While professional indemnity is important to have in your business, don’t neglect newer and developing risks such as cyber crime. Undergo audit checks to identify what data needs protection – 02:54

Employees stealing data is a potential risk which you can insure your business for; this is identified as criminial crime instead of cyber crime, so different insurance terms may apply – 05:39

Business interruptions e.g. floods, fires, etc that disrupts the day-to-day operation of a business can also be insured; a reliable policy will continue cashflow despite any unexpected incidents – 06:47

Don’t search out cheap insurance policies because they are cheap; insurance brokers are important in explaining what you need covered without the bias of insurance companies (they advise independently) – 07:53

Pets in properties (inc. changes in Victoria) and what to consider regarding landlords and policies if requiring pet cover in your properties – 08:50

“Having really good systems and procedures, documenting your processes, and really clear note-taking or recording of conversation” are important, particularly if cases are taken to a court of law – 10:48

Internal checks and audits should be done regularly to see if staff are adhering to your procedures and policies – 12:16

‘Key man insurance’ i.e key individuals who run the business can be insured for in case anything happens to them – 13:55