Running a real estate business is especially rewarding because it gives you the opportunity to do what you love, while offering you the flexibility to choose your hours of work. But insurance dangers can put your business at risk if you're not careful. Knowing what these dangers are will help you mitigate them with adequate insurance protection measures.
Your Business Data Could Be Stolen
When you run a real estate business, customer data security is important because you have access to sensitive information such as addresses, rental incomes, bank account numbers, tax file numbers, passport copies and much more. Data theft is a very real problem you could face in your real estate business, so you must ideally have data protection insurance to protect your business from the breaches, apart from beefing up your IT security systems to prevent frauds in the first place.
Your Property Could Be Vandalised
If you operate a small real estate office in your area, there is always the potential threat of vandalism. Your property could be broken into if burglars anticipate that you have cash on your premises. Irresponsible vandals, simply doing it for the thrill, could damage your property. Burglars could steal items such as computers, laptops and furniture from your property. The financial losses are exponential if you're not protected for physical property damage, so make sure you get covered for this when you run an office.
Your Property Could Be Damaged In A Natural Calamity
Apart from vandalism, natural disasters like floods, earthquakes and bushfires could also damage your real estate office. This will put your business in danger if you're unable to handle the financial loss resulting from natural calamity damage. Business insurance protection from property damage will ensure that your business remains viable by taking care of the restoration costs. You will need to discuss how much you need to cover your real estate business for based on your assets.
Your Employees Get Injured
If you have a few employees working for you, there's always the risk of injury, especially since they are likely on field showcasing homes or undertaking property inspections. For example, if your employee trips inside a home during an inspection, then you'll likely be liable to compensate the employee for his or her injuries depending on the situation. Similarly, if your employee is in an accident while on the job, you will need to pay workers' compensation costs. Taking workers' compensation insurance will help protect your business from financial losses in the future.
Business insurance will help you protect your real estate business from several dangers, so make sure you have the right coverage for your operations. Brokers, such as those at National Corporate Broking Pty Ltd, will help you determine the type of insurance you need for your real estate business.